Despite persistent global economic headwinds, Australia, an emerging and high potential non-traditional market, has become Bangladesh's $12 billion export destination.
According to figures from the Export Promotion Bureau (EPB), Bangladesh made $1.05 billion from the market in the first ten months of the fiscal year 2022–23, representing an increase of 34.3% year over year and 2.3% of total $54.68 billion in export revenues.
According to
Import Export Data from the Export Promotion Bureau (EPB), Bangladesh made $1.05 billion from the market in the first ten months of the fiscal year 2022–23, representing an increase of 34.3% year over year and 2.3% of total $54.68 billion in export revenues.
Industry insiders and experts claimed that Bangladesh's achievement of the milestone was made possible by its duty-free market access to Australia, product diversity, extensive marketing efforts there, and the geopolitical tension between China and Australia.
Mohammad Abdur Razzaque, the chairman of Research and Policy Integration for Development (RAPID), commented on the situation to The Business Post, saying, "It's a piece of good news to all amid the ongoing economic crisis and we welcome it."
This has happened because Australia will continue to have duty-free access to its markets after it leaves the LDC category in 2026. The long-term policy declaration has allowed us to win over the trust of Australian importers. To source more clothing, they are also concentrating on Bangladesh.
