News of exports from Bangladesh to South Korea having nearly tripled over the past five years thanks to duty-free benefits and a push by exporters is the sort of positive and forward-thinking approach we expect from our country.
South Korea is one of the largest economies on the planet, and strengthening our ties with the nation should be an ongoing endeavour. With that said, it is clear to see that when it comes to our RMG exports, which remain our one major export industry, we could do well with diversifying where we send our products.
It is concerning that only nine Western markets, including the US, UK, and Germany, account for nearly two-thirds of Bangladesh's apparel exports. This overreliance on a few markets is economically unsustainable, and in analyzing our success in our exports to South Korea, it becomes clear that exploring other destinations for our RMG products will only benefit the nation.
South Korea has been providing duty-free and quota-free entry to most products from Bangladesh; this is the sort of relationship we need to build with other potential markets for our products, which will then act as the necessary driver for increasing exports to those destinations.
Bangladesh is soon about to graduate from a least developed country (LDC) and while this brings about excitement, it also means that we will be losing privileges afforded to LDCs. As such, diversification, and exploring beneficial trade agreements, become more important than ever before, and ensure that Bangladesh remains on track as an economy.
