Saturday, 30 September, 2023

Bangladesh poses add'l export potential of $22.5b for non-RMG products

Bangladesh poses add'l export potential of $22.5b for non-RMG products

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Bangladesh has an additional export potential of $22.5 billion for non-readymade garment products to the European Union, said a recent study.

The study conducted by the Research and Policy Integration for Development (RAPID) Bangladesh also showed that Bangladesh's RMG exports to the EU could reach up to $60 billion by 2030 if the country move towards non-cotton fibre.

RAPID shared the report at an event held at a city hotel yesterday.

"Bangladesh has the potential to explore more market to the EU if it (Bangladesh) can diversify the products within the garment items," said Mohammad Abdur Razzaque, chairman of RAPID, a private think tank.

Razzaque presented the study on 'Exploring Export Diversification Opportunities in the European Union' that showed Bangladesh's share in cotton fibre garment to the EU is 34.7 percent while China's share in the same products in the similar market is only 14.9 percent.

He also projected that Bangladesh’s apparel exports to the EU to rise to $46 billion to $60 billion by 2030.

Senior commerce Secretary Tapan Kanti Ghosh said Bangladesh has the diversified products, but garment sector has been dominating the market.

Bangladesh has already done a lot about the compliances in the factory level, he said.

EU Ambassador to Bangladesh Charles Whitely said that product diversification within the garment sector is important.

Additional Secretary to the Ministry of Commerce and chief of the export wing Abdur Rahim Khan was also present among others.