According to a notification from the Commerce Ministry, the Government of Bangladesh on Thursday designated handicrafts as the product of the year 2024 to draw attention to the contribution made by women in the production of handicrafts, encourage exports, and broaden the country’s export portfolio, which is currently dominated by the apparel industry.
As per a senior Commerce Ministry official, the declaration aligns with the Export Policy 2021-24 that seeks to designate a product as the ‘product of the year’ to enhance its global marketability.
Last month, Bangladeshi Prime Minister Sheikh Hasina declared handicrafts as the product of the year at the inauguration of the Dhaka International Trade Fair (DITF). In her speech, she mentioned handicrafts had played a great role in empowering women by generating employment.
Insiders in the sector estimate that the domestic handicrafts market is valued at approximately Taka 10,000 crore each year, despite the lack of credible data. They added that at least 40,000 entrepreneurs were involved in the sector, which directly and indirectly employs 50 lakh people.
Export Promotion Bureau data shows that the export of handicrafts brought in US $ 29.75 million in fiscal year 2022–2023 after bringing in US $ 42.83 million the year before.
“The Government is likely to provide some logistical support or incentives for the sector’s development. That is why handicrafts were declared as the product of the year,” said SU Haider, president of the Bangladesh Handicrafts Manufacturers and Exporters Association (BANGLACRAFT).
He said exporters currently received an eight per cent cash incentive for the export of handicraft products.
According to Haider, the sector’s export earnings amount to around US $ 100 million per year but the EPB data does not paint the whole picture due to improper listings under the Harmonized System (HS) Codes, a standardised numerical method of classifying traded products.
