As the South American nation granted duty-free market access to Bangladeshi goods, Bangladesh’s export to Chile observed a sharp growth. As per Export Promotion Bureau, Bangladesh’s exports to Chile rose by 33.32 per cent in FY 2017-18. This was reflected in the country’s export earnings in the fiscal year 2014-15, of only $36.93 million.
Total earnings from exports to Chile grew to $86.28 million, of which $78.93m were accountable to the readymade garments (RMG) sector. Export earnings to Chile in the first quarter of the current fiscal year increased by 50.45 per cent from the same period last year, to $41.44m.
Bangladesh has been enjoying duty-free and quota-free market access in Chile since January 2015. The move followed a February 2014 meeting in Dhaka of Commerce Minister Tofail Ahmed with the Chilean ambassador, Cristian Barros.