Govt picks 18 countries for export diversification push

The government is preparing separate export strategies for 18 key trading destinations as part of its export diversification drive.

The destinations are the United States, China, the United Kingdom, India, France, Russia, Malaysia, South Korea, Switzerland, Iran, Brazil, Türkiye, Japan, Canada, Belgium, Australia, New Zealand and Fiji.

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Commerce Secretary Md Ataur Rahman Khan disclosed the plan at a workshop on export diversification at the commerce ministry’s conference room in the Secretariat in Dhaka yesterday, according to a ministry press statement.

The strategies aim to increase export earnings and reduce Bangladesh’s reliance on garments by diversifying both products and markets, the ministry said.

Equal emphasis is being given to both product and market diversification to make exports stronger and more sustainable, said Secretary Ataur.

Bangladesh already exports goods to most of the selected markets, but the volumes remain low. Exports to Russia and Iran, both of which are currently engaged in war, have fallen recently.

Currently, the European Union (EU), the US, the UK and Canada are the major export destinations for Bangladesh.

The ministry said it is analysing the market potential, existing barriers, positions of the competing countries and Bangladesh’s scope for expanding trade in these destinations to prepare separate market-specific export strategies.

Ataur said related information to that end has been collected from the country’s trade wings abroad.

Based on the data, a separate action plan will be drawn up for each country, he said.

The analysis follows a set matrix, which covers Bangladesh’s share of total imports in each country, its main competitors in specific products, ways to improve competitiveness, and the policy and institutional measures needed to expand markets, he added.

The exercise will help identify promising new products, expand the market for existing ones and determine the steps needed to enter new markets, the commerce secretary said.

Also speaking at the event, Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), said services exports deserve equal weight alongside goods.

He called for effective steps to develop information technology, skills-based and capacity-building services, and to support freelancers.

Emphasising skills development and technological advancement, he said the use of technology in the production and service sectors must be increased to enhance Bangladesh’s competitiveness in international markets.

At the same time, he recommended strengthening initiatives to increase exports of Bangladeshi products and services to neighboring countries by leveraging geographical proximity and market potential.

Other participants called for making pharmaceuticals, electronics, agricultural and agro-processed goods, leather and leather goods, light engineering, information technology and other services more competitive in global markets, alongside garments.