Photo: Collected
The exports of plastic products witnessed a growth of almost 18 per cent during the July-April period of the current fiscal year, earning $201.09 million due to competitive price advantages and the creation of newer markets.
According to the latest statistics of the Export Promotion Bureau (EPB), this was the highest volume of exports of plastic items during the 10-month period compared to the same period of the previous fiscal years. Bangladeshi plastic products are mainly being exported to the United States of America (USA), Canada, the European Union (EU), China, India, and Nepal.
According to the research findings of the Bangladesh Investment Development Authority (BIDA), the majority of Bangladesh's exportable plastic items are tableware and kitchenware. Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) President Shamim Ahmed said the competitive price of locally-made plastic items has played a major role in the export growth of this sector.
He said local manufacturers are now making world-class plastic items and this is encouraging foreigners to buy plastic items from Bangladesh. Newer markets are being created every now and then for this sector, which is helping to expand its export market, he added.
Noting that the country's plastic sector mainly represents the SME sector, Shamim said the entrepreneurs of this sector are not being able to run the necessary marketing campaigns abroad.
If the marketing of local plastic items can be done abroad properly, then it will be possible to boost the export earnings from this sector by almost 100 per cent, he added.
The BPGMEA president also urged the government to direct the foreign missions abroad for helping to find newer markets for the Bangladeshi plastic manufacturers. Citing that the corporate tax rate alongside the other taxes in the plastic sector is high compared to the RMG sector, Shamim demanded that the government lower such tax rates to boost the country's export earnings from the plastic sector.
Marketing Director of PRAN-RFL Group Kamruzzaman Kamal said although the export receipts from this sector in the last fiscal year were not so satisfactory, the export earnings from the plastic sector would make a turnaround this year due to the improvement in the developed economy.
According to the data from the BPGMEA, the local plastic manufacturers are now exporting more than 142 items abroad, including film plastic, household items, and garment accessories. The industry insiders hoped that the exports of plastic items would cross $250 million in this fiscal year.
As per the statistics of the EPB, the export of plastic items during the July-April period of the last fiscal year (FY23) totalled $170.6 million. The strategic export target for the plastic sector in the current fiscal year (FY24) has been set at $275 million. The global market size of plastic products is $600 billion.
Messenger/Fameema
