Bangladesh has the status of a 'Least Developed Country' (LDC), which entails duty-free or concession on selected product exports to several countries, but unfortunately the country has not been able to take full advantage of the same.
A 2008 world trade data reveals that, trade amongst all the countries on the globe amounted to $15,775 billion, of which the 49 identified LDC;s accounted for $176 billion, or 1.1 percent of global trade volume.
Again from this, overall exports to 189 countries from Bangladesh in fiscal year 2008-09 totaled to just $15.57 billion, a very small percentage of the total imports of all the countries, but is good, when considered from among all LDC exports.
Experts opine that weak trade negotiation capacity, lack of proper knowledge of markets, non-diversification of products and markets, absence of any study and not receiving information from Bangladeshi missions as main reasons for not being able to capitalize on the LDC status.
When considering product diversification, 87 percent of the total exports from Bangladesh are accounted for by just five product categories like ready-made garments, raw jute and its products, frozen foods, leather goods and chemicals.
With regards to different overseas markets, the North American and European markets between them account for 81 percent of all exports, with the rest of the global countries accounting for the rest.
Fibre2fashion News Desk - India
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