Tapping its natural resources Bangladesh emerging as potential rival in Export

Bangladesh certainly does have some key lessons to teach in foreign trade. Tapping its natural resources particularly in the labor intensive industries such as textiles, footwear and apparel which account for more than 90 per cent of its overall exports, Bangladesh is making a strong case in the world export market with increase of share from 0.1 per cent in 2011 to 0.3 per cent in 2019.

According to Economic Survey 2021, it is likely to emerge as a dominant exporter as its outbound shipments posted an impressive compounded annual growth rate (CAGR) of 8.6 per cent during 2011-2019,

Coming under the ambit of Least Developed Countries (LDCs), Bangladesh enjoys the advantage of EU preferential Market Access to LDCs in global market. These concessions help LDCs in reaping the benefits in exports as compared to India in most of the developed economies.

Pandemic has unveiled the prospects of rural and small industry and a slightly higher effort can enhance product quality to compete in export markets. India has adequate potential in rural industry as for example hand loom. India also has the ability can also produce the items currently exported by Bangladesh. The product quality, marketing and determination to compete globally will be the drivers of Indian export.

Cover image by The Daily Star