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The United States has retained its position as Bangladesh’s largest single export destination, with the country’s export earnings from the US market rising 11.51 per cent in the first four months of the current fiscal year (July-October).
Bangladesh earned $3.35 billion from exports to the US during the period, up from $3 billion in the corresponding period of the previous fiscal year, according to the latest data from the Export Promotion Bureau (EPB).
The country’s total merchandise export earnings stood at $17.09 billion during July-October, marking a 5.88 per cent year-on-year growth. The US alone accounted for nearly one-fifth of Bangladesh’s total export receipts.
The growth in the US market significantly outpaced the overall export growth, reflecting the competitiveness of Bangladeshi products and continued confidence among international buyers despite global economic uncertainties and intensifying competition.
EPB Vice-Chairman and Chief Executive Officer Mohammad Hasan Arif said the growth demonstrated the increasing competitiveness of Bangladeshi products in international trade.
“The United States is Bangladesh’s most important export destination. Achieving 11.51 per cent growth in such a large and competitive market is highly encouraging for the country’s export sector,” he said.
He said Bangladeshi exporters had maintained the confidence of overseas buyers through timely deliveries, improved product quality and compliance with international standards despite uncertainties in the global economy.
The United Kingdom and Germany remained Bangladesh’s second and third-largest export destinations, respectively, during the July-October period.
Exports to the UK generated $1.74 billion, while shipments to Germany brought in $1.57 billion. Spain and the Netherlands followed among the major destinations.
In October alone, Bangladesh earned $756.64 million from exports to the US, up 12.10 per cent from $674.96 million in the same month last year.
The country’s total merchandise exports stood at $3.99 billion in October, registering a year-on-year increase of 4.39 per cent.
Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Bangladesh currently enjoyed a relatively favourable tariff position compared with some competing countries in the US market.
This had helped Bangladeshi products remain competitive and contributed to export growth, he said.
He added that the BGMEA was maintaining discussions with the Office of the United States Trade Representative (USTR) to secure the withdrawal of, or an exemption from, the additional 10 per cent tariff imposed on Bangladeshi exports.
“We are continuing discussions and communication with the USTR to avoid the additional 10 per cent tariff. We hope to reach an acceptable solution through continued dialogue and negotiations,” he said.
EPB chief executive Hasan Arif expressed optimism that export growth would continue in the coming months, supported by shipments to both established and emerging markets.
