Exports to Japan will hit $2b by 2018: Tofail
Today we look at export situation of Bangladesh with a few partner
countries
Doubling exports to Japan in the last five years, it could
be crossing US$2 bn in 3 years ahead. Japan, opting for independence from
Chinese trade, have been looking to countries such as Bangladesh to supply
their domestic retailers for whom they allow duty-free access. Export consists
of products of apparel, shrimp, leather and jute. Naturally, RMG has highest
share (71.3%) and rising. In FY 2014-15, exports to Japan rose 6% to US$915.2
m, while imports stood at US$1.51 bn. Relations can be more in
our favor if the Japanese set up more operations in their allocated region in the Chittagong economic zone.
our favor if the Japanese set up more operations in their allocated region in the Chittagong economic zone.
Not only with Japanese export prospects, SAARC countries saw
a growth spike of 15.75% to US$648.68 m, topping with Indian exports. This
comes after a 18.74% decline in the previous year. Plastic and garments dominates,
but still non-tariff barriers hamper initiatives. Also, export diversification,
infrastructure developments (e.g. Motor Vehicle Agreement )and Schengen Visa to
SAARC will enhance regional trade, also effecting Bangladesh as a result.
Earning US$527 from india and US$121 from the rest SAARC countries.
SAARC statistics can be read here:
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