Notwithstanding the challenges posed by the COVID-19 pandemic, Bangladesh’s exports in financial year 2020-21 registered more than 15 per cent increase compared to the previous financial year; however, Bangladeshi goods are ending up in too few export markets.
Media reports maintained this while adding as per figures from the country’s Export Promotion Bureau (EPB), in the last financial year, exports fetched earning of US $ 38.76 billion, which is 15.10 per cent higher than US $ 33.67 billion that Bangladesh had earned from its exports in 2019-20 even if the EPB finds that only a handful of countries are Bangladesh’s main export destinations with over 72 per cent of all exports from Bangladesh landing in only five markets in 2020-21.
The reports added that United States, European Union, India, Canada and Japan are the five export destinations from where Bangladesh earned around US $ 28.06 billion of its total US $ 38.76 billion export earnings even as experts have, reportedly, underlined that diversification and finding and exploring new markets would be key for the country (Bangladesh) to see its exports get its next big jump.
Further, in 2020-21, Germany, United Kingdom, USA and Spain were the top four countries where Bangladeshi goods worth over US $ 2 billion or more were, reportedly, exported while in India, France, Poland, Italy, Canada, Japan and the Netherlands, goods worth anything in the range of US $ 1 to US $ 2 billion were exported.
