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Shipments to China rose 14pc year-on-year to $458.11m in fiscal 2012-13
Sohel Parvez
Exports to China rising fastThe countrys exports to China are fast growing, thanks to the zero-tariff access extended in July 2010.
Currently, Bangladesh, as a least-developed country (LDC), gets duty free and quota-free entry for 4,788 products to the Chinese market, which, according to Bangladesh Tariff Commission, is 67 percent of the countrys export basket.
Exports to the worlds second largest economy stood at $178.63 million in fiscal 2009-10, the year before the duty privilege was extended. It shot up to $319.66 million in the following year, according to data from Export Promotion Bureau (EPB).
In fiscal 2012-13, exports to China stood at $458.11 million, up about 14 percent year-on-year.
The growing export is a good sign. It means that confidence is building among Chinese buyers about Bangladeshi products, said Fazlul Hoque, former president of Bangladesh Knitwear Manufacturers and Exporters Association.
The popular export items to China include readymade garments and textiles, fish and crabs, leather and leather goods, jute and jute yarn, plastic waste, according to EPB data.
But the amount of export earnings is meagre given the huge Chinese market. Both the public and private sectors have to take the initiative to widen the market scope, Hoque said.
Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association, said securing a good portion of Chinas $310 billion apparel market would reduce the dependency of the garment sector, the main export earner, on Europe and the US.
We are very optimistic that China will be our next market.
Mustafizur Rahman, executive director of Centre for Policy Dialogue, said the zero-duty access has enhanced the competitiveness of Bangladeshs products in the Chinese market.
However, save for a small number of products, we are yet to reap the full benefits of Chinas duty-free and quota-free scheme, he said, while suggesting efforts to scale up exports of products other than garments.
Foreign investments targeting the Chinese market will also be helpful in boosting exports to China.
Exports to China rising fast - Shipments to China rose 14pc year-on-year to $458.11m in fiscal 2012-13
I heard Bangladeshis like to eat a lot of fish? We are crazy about fish as well, especially in the coastal areas. In fact all East Asians are crazy about fish.
Fish is good for your brain too, lots of Omega 3 fatty acids. The best thing for cognitive development.
It is still low comparing to what you guys export to Europe. Since 75 % of your exports consist of ready made garments which China itself is a big exporter, you need to add value to your export basket if you want to keep up the momentum. Once duty free regime comes to end you will have to compete against big players.
Is your politicians thinking about your future?? I see no vision and your textile industry is in disarray with safety issues, child labor and buildings code violations etc.
Please drop the crocodile tears, our garment exports have been expanding nonstop, in fact we out compete you guys by a fair margin. Garments exports still have a lot more expansion, and now we are looking to diversify and build on other sectors like light engineering, services, Agro and shipbuilding etc.
The facts are as it becomes more expensive to assemble in china due to rising wage costs, Chinese, Korean and other international companies are looking at Bangladesh as one of the next centres of production. Still a decade or so away but we will get there.