Government eyes $2b export earnings from jute products in 2-3 years
Textiles and Jute Minister Jahangir Kabir Nanak has said the government eyes to increase yearly export earnings from jute and jute goods to $2.0 billion within next two-three years. Every year, Bangladesh exports on an average jute and jute goods worth $1.0 billion. We want to double the export earnings within the next 2-3 years. We will formulate and implement work-plans as per the goal. Ambiente Fair, held annually in Frankfurt Main, Germany, has earned worldwide recognition as the premier international trade fair for consumer goods since its inception in 1967. With its rich history and global reach, Ambiente serves as a vital platform for showcasing the latest trends, innovations, and emerging brands in the consumer goods sector, spanning dining, living, and giving segments. Ambiente 2024, taking place from January 26 to 30, 2024, has attracted over 150,000 visitors from around the globe, making it a hub for networking and business opportunities. This year, more than 4,500 exhibitors are presenting their products, with nearly 50 companies from Bangladesh participating under various schemes, including Export Promotion Bureau (EPB) and CBI.
Virtual apparel marketplaces have potential for additional $500m exports
Bangladesh has the potential to achieve another $500 million in apparel exports to the US, the European Union, and African region through virtual marketplaces by 2027. Bangladesh also has the potential to export $308 million to these markets through a virtual marketplace by 2026. Bangladesh can gain 0.20% of the USA, 0.10% of the EU, and 0.75% of the African virtual apparel markets, whose worth will be $489 million by 2027. In the fiscal 2022-23, Bangladesh exported garment items worth $46.99 billion, according to data from the Export Promotion Bureau.
E-com transactions thru cards on rise
E-commerce transactions through cards in the country have continued to increase in recent months, indicating a growing preference among consumers for online shopping. This trend reflects people’s inclination towards purchasing items online due to its convenience and affordability as it saves time and offers competitive prices. According to the data released by the Bangladesh Bank, card-based online purchases marked a 2.29-percent increase in November 2023 compared to that in the previous month. In November, consumers spent more than Tk 16.22 billion on various products and services, up from over Tk 15.85 billion in October. The data also reveals that consumers spent over Tk 14.48 billion on different products and services in September. In August, they spent Tk 14.80 billion on products and services, surpassing July’s spending of Tk 14.26 billion.