DHAKA: Bangladesh exports to Latin American nation Chile rose by over 41% to earn $11.4m in the July-September period.
Bangladeshi products are enjoying duty and quota-free access to the Chilean market since January this year as a step towards boosting trade ties between the two nations.
According to the Export Promotion Bureau data, Bangladesh fetched $11.4m from the market in the first three months of the quarter, increasing by 41.38% from $8.06m in the same period last year.
The apparel export to Chile during the quarter was nearly $10m, constituting more than 87% of total volume.
The sector’s growth to the market was 36.05% as the RMG earned $7.30m in Q1 of last fiscal year.
In the last fiscal year, Bangladesh’s total export volume to Chile was around $37m with a 3.62% increase from the previous year.
“Though Chile is a small market in terms of value, the rising exports to the country will help Bangladesh enlarge its export basket,” Shahidullah Azim, ex-vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told media.
He urged the government to make efforts to get duty-free entry into the Brazil market too as it has a huge consumer base, offering high potentials for the Bangladesh products.
Exporters Association of Bangladesh President Abdus Salam Murshedy said the duty-free access to the Chile market opened a new window for “our apparel sector, which could also help ease dependency on the traditional markets.”
He thinks the move is a part of efforts being taken to diversify the export markets, and says the government should continue negotiations with other countries to win duty-free access.
Bangladesh exports to Chile include pharmaceuticals, woven and knitwear products, jute yarn, footwear, caps, cotton bags, engineering products and parts, plastics, ceramics products, clocks and watches.
From Chile, Bangladesh imports copper, fruits, fish products, paper and pulp, chemicals and wine.
