Five developed nations namely the United States, Germany, the United Kingdom, Spain and France continue to account for more than half of Bangladesh’s export earnings.
This is as per reports, which cited figures from the country’s Export Promotion Bureau (EPB) to this end.
As per the EPB data, these five countries reportedly sourced products worth US $ 29 billion in the last fiscal year of 2022-23, making up more than 52 per cent of Bangladesh’s annual receipts of US $ 55.56 billion even as the US reportedly led the pack with a 17 per cent share followed by Germany (12.74 per cent), the United Kingdom (9.55 per cent), Spain (6.62 per cent) and France accounted for 5.92 per cent of the earnings in FY ’23.
The five countries have been the top export destinations for Bangladesh for at least one decade, with their purchases making up about 50 per cent of the country’s export receipts on average.
Meanwhile, Muhammad Abdur Razzaque, Chairman of the Research and Policy Integration for Development, a prominent think tank, highlighted the prevailing limitations of Bangladesh’s export market, who added Bangladesh’s exports are primarily concentrated in a few countries and focused on specific products, particularly readymade garments.
This lack of diversification has hindered Bangladesh from exploring potential markets and, consequently, has impeded the growth of export earnings, he underlined even as he emphasized the need for simultaneous diversification of both markets and products, acknowledging the challenges involved.
