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Bangladesh has secured second position in export growth among emerging economies

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economic-growthWorld Trade Organisation (WTO) index ranks Bangladesh second in export growth among emerging economics. Vietnam leads the tally with 14.6 per cent growth while Bangladesh attained 9.8 per cent growth. The figure is 5.7 per cent for China and 5.3 per cent for India. Mexico has a 4.5 per cent export growth, UAE 3.7 per cent, Turkey 2.4 per cent, Brazil 1.9 per cent and South Africa 1.5 per cent. In comparison, Vietnam has moved faster in producing goods which are being relocated from China and has the advantages of a shorter lead to Bangladesh’s exports of apparel and clothing trebled between 2008 and 2018. Readymade garments are still the main driving factor for Bangladesh’s export growth with its increased stake in the global market. Due to the ongoing tariff war, a significant volume of trade has relocated from China to other countries but Bangladesh has been unable to capture a significant portion of it despite being an attracting sourcing destination. One reason could be poor delivery capacity. Another is the appreciation of the currency against the dollar, which has eaten up Bangladesh apparel makers’ competitive edge in global markets.

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