🌍 Bangladesh’s Export Ecosystem: Goods, Services & Global Reach
Bangladesh, one of the fastest-growing economies in South Asia, has seen its export portfolio expand significantly. In FY 2022–23, exports reached USD 55.6 billion, the highest ever . Here’s a deep dive:
🧵 1. Major Exportable Goods & Market Share
a) Ready-Made Garments (RMG)
Export value: USD 55 billion in FY 2023 (~81% of total exports)
Destinations: US (15%), EU (60%), Canada, UK, Japan
Growth: Post-LDC graduation, Bangladesh aims to maintain its quota-free benefits under GSP+ and bilateral FTAs
b) Pharmaceuticals
Current exports: USD 1 billion, targeting USD 5 billion in 3–5 years
Markets: 150+ countries including regional hubs
c) ICT & ITES
Exports: USD 1.9 billion in FY 2023, with projected high-value growth
Services: Custom software, BPO, app development, freelancing via Upwork, Fiverr, etc.
d) Jute & Eco-Products
Products: Jute bags, mats, rugs
Advantages: Eco-friendly, in demand in EU/Australia; certification like GOTS helps market access
e) Leather & Leather Goods
Exports: shoes, belts, wallets; focus on LWG and REACH certification
f) Agro, Seafood & Frozen Food
Agro exports: USD 4.8 billion globally, rising to USD 5.8 billion by 2030 projected
Seafood: shrimp, hilsa with MSC, HACCP certifications
g) Ceramics, Furniture, Plastic Goods, Handicrafts & Shipbuilding
Diverse exports with growing overseas presence in North America, Europe, and Asia
📈 2. Export Destinations & Market Shares
EU (under EBA/GSP+): ~50% of non-RMG exports; continued access post-LDC graduation needs GSP+
USA: Major RMG market; exclusions on some quotas post-GSP suspension
China: Tariff-free access on ~97% goods
Regional Markets: SAARC/ RCEP accession could increase exports by ~17% and GDP by 0.26%
🚢 3. Export Procedure & Licensing
a) Export Registration
Export Registration Certificate (ERC) by CCI&E
Required documents: Trade License, TIN/BIN, Solvency Certificate, RJSC incorporation, etc.
Valid for one year; renewal mandatory
b) Compliance & Certification
Industry-specific certificates needed (e.g., HACCP for seafood, BFSA for food, DGDA for pharmaceuticals)
Quality certification from BSTI mandatory for 79 import goods
c) Customs & Trade Laws
Governed by Customs Act 1969 (HS code classification), Export–Import Control Act 1950
Anti-dumping measures via 2012 Act
d) Trade Facilitation Mechanisms
Digital customs clearance under WTO TFA
National Single Window launched Jan 2025
Strategic logistics and port upgrades (Chattogram, Mongla, Payra) to reduce lead time
e) Export Incentives
Cash subsidies (1–20%) depending on industry
Low-interest loans via EDF
EPZ tax holidays; FTZ benefits via BEPZA & BEZA
🏛 4. Legal & Regulatory Framework
Export Policy (2021‑24) aims to boost nontraditional exports to USD 80 billion by 2027
Import Policy (2021‑24) slashes duties on 425+ items
International Agreements: WTO, SAFTA, APTA; pursuing GSP+ and FTA with RCEP countries
📊 5. Financial Snapshot & Impact
| Metric | Value |
|---|---|
| Total Export Revenue (FY 23) | USD 55.6 bn |
| RMG Export Share | ~81% |
| Pharma Export | USD 1 bn; projected USD 5 bn |
| ICT Export | USD 1.9 bn |
| Agro Export | USD 4.8 bn |
| Average MFN Tariff | 14.1% overall; Agri 17.7%; Non-agri 13.5% |
| Customs Lead Time | ~11d sea, 10d land |
✅ Final Words
Bangladesh’s export-led growth is increasingly diversified beyond garments into high-potential sectors like ICT, pharmaceuticals, agro, and shipbuilding. Supported by favorable trade deals, robust regulatory frameworks, export incentives, and digital trade facilitation, Bangladeshi exporters are well-positioned to capture global market share.
However, to sustain competitiveness post-LDC graduation, the country must intensify investment in logistics efficiency, regulatory transparency, and quality compliance.