Progga Das

Bangladesh is currently a rapidly advancing economy. With the vision of transitioning from a developing nation to a developed one by 2041, the country is moving forward with determination. To achieve this goal, it is essential to further strengthen the export sector, as it serves as a key driver of economic growth. However, for sustainable progress and the realization of a developed Bangladesh, greater emphasis must be placed on expanding and diversifying exports.

Beyond the ready-made garments (RMG) sector, increasing exports in industries such as information technology, agricultural products, pharmaceuticals, leather, electronics, startups, shipbuilding, and light engineering could not only boost foreign exchange earnings but also fortify the country’s economic foundation. The contribution of the export sector to foreign exchange earnings, industrialization, employment generation, and overall economic growth is undeniable.

The promising growth of exports in the first seven months of the 2024-25 fiscal year has given us hope. According to data from the Export Promotion Bureau (EPB), Bangladesh’s total export earnings from July to January of this fiscal year amounted to 34.54 billion dollar, reflecting an 11.81% growth compared to the same period last year. Notably, January recorded the highest export earnings, with an 18.83% increase from the previous year, signaling a strengthening export market in the latter half of the year.

As always, the RMG sector remains the primary source of Bangladesh’s export revenue, generating 25.05 billion dollar in the first seven months—an increase of 12.01% from the previous year. The agricultural sector follows, with exports amounting to 670 million dollar, marking a 10.65% growth. The home textile sector is emerging as a new prospect, with earnings of 490 million dollar, reflecting a 2.22% growth. The leather and leather goods sector contributed 670 million dollar in exports, though its growth remained relatively low at 0.5%. The once-dominant jute industry has seen a decline, with earnings dropping by 7.9% to 480 million dollar.

A rise in exports would bring positive changes across all sectors of the economy. Since Bangladesh is an import-dependent country, the demand for foreign currency remains high. Increased exports would boost the supply of U.S. dollars, reducing import pressure, helping to tackle the dollar crisis, and stabilizing the exchange rate. If exports lag behind imports, trade deficits emerge. Strengthening exports would help balance trade and ensure economic stability.

Foreign investors tend to favor export-oriented countries for investment. If Bangladesh can sustain export growth, Foreign Direct Investment (FDI) will rise, accelerating economic development. The establishment of new industries will create employment opportunities, thereby reducing poverty and unemployment. Most importantly, increased exports will enable Bangladesh to integrate into the global value chain, allowing the country to become a part of international production and supply networks. This will enhance the reputation of Bangladeshi products in the global market, fostering industrialization and technological advancement in the long run.

Bangladesh is still a middle-income country. Strengthening the export sector will further accelerate GDP growth and build a sustainable economy in the long term. If the upward trend in exports continues, Bangladesh will soon join the ranks of high-income nations.

The participation of young generations in the export sector will add new dimensions to its development. Their creativity, innovation, and technological expertise can enhance Bangladesh’s competitiveness in the global market.

The country is making rapid strides in the software and IT services sector. Bangladeshi youth currently rank second globally in freelancing. By developing skills in software, web development, and digital marketing, they can contribute to foreign exchange earnings. Additionally, the rise of startups in gaming, education technology, and healthcare presents new export opportunities.

Young people should focus on entrepreneurship rather than solely pursuing jobs. This will not only reduce unemployment but also pave the way for economic growth led by the younger generation. Promoting handicrafts and Nakshi Kantha embroidery in the export market can showcase Bangladesh’s rich cultural heritage to the world while generating foreign exchange. Research and innovation in new technologies and product quality improvement will enable young entrepreneurs to develop eco-friendly products that cater to global demand, further enhancing Bangladesh’s international reputation.

Active participation of young people in the export sector is the key to a prosperous Bangladesh. Strengthening the export industry is not an option but a necessity for rebuilding the economy. A strategic approach is crucial.Bangladesh must explore new markets in China, Russia, Brazil, Africa, and the Middle East. Advancements in technology, development of a skilled workforce, and the integration of modern technologies into production processes are essential to increasing output.

The government should facilitate exporters with easier access to loans, tax exemptions, and investment incentives. Reducing carbon emissions and promoting sustainable production will increase demand for Bangladeshi products in the international market. Expanding Free Trade Agreements (FTAs) with Asian countries and securing duty-free export benefits under the EU’s Everything But Arms (EBA) initiative can further support export growth.

With collaborative efforts from the government, businesses, international organizations, and the younger generation, Bangladesh can sustain export growth and progress toward becoming a developed economy. Now is the time to explore new horizons, where Bangladesh can establish itself as a strong and competitive exporting nation in the global market.

The writer is a, Student, Department of Economics Eden Mohila College