Export earnings getting a boost

Exports from Bangladesh will show an upward trend as the apt policies adopted by the government over the last 14 years is continuing to bear fruit. According to a TBP report, quoting Commerce Minister Tipu Munshi, the country’s export earnings may increase to $70 billion in the next year. The minister commented on a question-answer session in the Jatiya Sangsad.

The news bodes well for the country at a time when in every sector the country is experiencing negative growth. It is a time when nothing goes well not only in our country but also in major economies of the world.

The rebound in the nation’s exports is indeed a positive development as it suggests an economic recovery despite the tough challenges caused by the strain of post-pandemic recovery and the seemingly never-ending Ukraine-Russia war. For Bangladesh, it is critical to boost its exports rapidly to ward off a balance-of-payments crisis in future. At present, the country has a rather unsatisfactory level of exports in the world as a percentage of its GDP. When it comes to boosting exports, identification of potential markets, developing new lines of products, focusing on existing markets and existing products, improvement in manufacturing processes to produce quality products and acquiring the leverage for charging a higher average per unit price — all matter.

When almost all the major economies are struggling to keep their economy afloat, the robust export earnings growth of Bangladesh at least has offered hope of a bit better future even during the time of deepening economic crisis.

The present growth trend in exports is encouraging. But it also underscores the need for ensuring that it continues for a longer period. That will not be possible without producing more exportable surpluses, diversification of export products and markets, and improvement, in fact, sophistication, in product quality. More importantly, the government needs to support the exporters in the quest to be internationally competitive and increase productivity through skill and technology up gradation instead of doling out subsidies in different forms at the expense of taxpayers.

The country can boost exports get regular and continued attention of the government, changes are introduced at every level of policymaking and institutions that implement the policies are reinvigorated. A mechanism needs to be developed to seek greater input from the private sector representatives in the framing of trade policies.

Now at any cost, the country has to retain this tremendous growth of export earnings. The government should make sure that exporters can open a Letter of Credit (LC) smoothly. The exporters must have facilities of adequate gas and electricity so that their productions are not hampered in any way. If they don’t miss the deadline for the delivery of goods it will grow more confidence in both the existing buyers and potential buyers.

To retain and increase the volume of exports we have still miles to go. If the government wants to ensure steady export earnings growth it must have to bear in mind that it has to overcome some hurdles that will inevitably stem from the world’s volatile economic condition.

If some domestic measures can be taken seriously such as mitigation of shortage of gas, electricity supply and power only then the exporters can take advantage of the weakness of other countries and at least can survive the hard time approaching at lightning speed in 2024.

If our domestic market cannot be protected and if our export volumes cannot be augmented and if new markets cannot be explored not only for garment sectors but also for all other potential sectors like jute, leather and agricultural products the country can never come out of its economic crisis looming on the horizon.