Consolidating and accelerating exports in bangladesh
At this point in time, Australia is a very small export market for Bangladesh, accounting for only 1.2 per cent of total Bangladesh exports.The United States, Germany and the United Kingdom are the major export destinations of Bangladesh. A variety of factors affect the competitiveness of exports and imports.Beginning in 2003, Australia provides duty free and quota free access to its national market.Many developing countries are taking advantage of these trade facilities with a view to increasing their exports and earning foreign exchange that help pay for country’s imports.In 2011-12, Australia’s garments imports from Bangladesh stood at 8 million out of a total imports of 5 million.Other major imports from Bangladesh were bed, table, toilet & kitchen linen, woven fabrics of jute or of other fibres, and floor coverings.Some decline was to be expected, as higher incomes allow households to prioritize education, health and other commitments.
ISLAMABAD, April 15, 2017 – South Asia is the fastest growing region in the world–according to the latest report by the World Bank.In addition, low wage keeps workers poor, raising a barrier to higher standard of living and worsening rich-poor income and social gaps.Sustainable business competitiveness based on innovation and increased productivity is critical to continued economic growth and jobs creation, with the possibility of ensuring higher wages for workers and improved living standards.Bangladeshi exporters, garments and textiles exporters in particular, should continue to exploit prevailing opportunities to export low-value products to Australia and other international markets.
However, it will help their long-term growth and survival if they start devising strategies and credible actions for the development and export of high-value products.
And it has been particularly strong in India, Bhutan and Sri Lanka, especially for women, the report shows.