Bangladesh is proactively exploring the export potentials of its surplus production capacities in garment accessories and packaging products on a global scale even as the Government has directed its 18 missions abroad to investigate opportunities for increasing earnings from this subsector, which primarily supplies to local readymade garments (RMG) factories as deemed exporters.
Moreover, the country has recently begun exporting these products directly to RMG factories in other countries.
This endeavour aims to mitigate potential shocks following Bangladesh’s graduation from least developed country (LDC) status, which is expected in 2026 even as to diversify exports and expedite economic growth, the Ministry of Commerce (MoC) has instructed commercial councilors, ministers (commercial), economic minister (Geneva), and first secretaries (commercial) to gather detailed reports on demands for backward linkage products in various countries and export opportunities.
The officials have been tasked with promoting Bangladesh’s various high-quality accessories and packing items to potential buyers. The senior official leading this effort believes that it will significantly contribute to economic diversification and bolster growth.
Considering the significance of textile fabrics and accessories as major inputs for the RMG industry, around 1,900 accessories and packaging manufacturers cater to the demands of the export-oriented RMG sector in Bangladesh.
Presently, Bangladesh exports 15 accessories and packaging products to 21 countries and regions, including the Netherlands, South Africa, Pakistan, India, the Middle East, Ethiopia, Indonesia, Italy, Sri Lanka, Turkmenistan, Germany, and Austria.
In the fiscal year 2021-22, the subsector’s earnings from deemed and direct exports amounted to approximately US $ 7.67 billion, with direct exports contributing about US $ 1 billion to this total. This concerted effort to explore new export avenues for garment accessories and packaging products is expected to fortify Bangladesh’s economy and help it overcome challenges post-LDC graduation.
