Bangladesh exported $1.16 billion worth of agricultural products in FY22
Exports of agricultural products from Bangladesh reached over $1 billion in FY22.
In FY22, relevant agricultural products and processed foods earned $1.16 billion in foreign exchange, or 13.04% year-on-year, according to data from the Export Promotion Bureau (EPB).
The country’s overall merchandise exports stood at $52.08 billion in the last fiscal year, registering a year-on-year growth of 34.38 percent.
In FY21, Bangladeshi agricultural products hit $1 billion in export earnings for the first time in the country’s 50-year history.
In this fiscal year, agri-exporters made shipments of agricultural and relevant products worth $1.02 billion, according to EPD data.
Analysts said the entry of agricultural products into the billion-dollar club has raised new hope for the much-needed diversification of the country’s export basket away from overreliance on ready-made garments. -carry.
The garment sector has been Bangladesh’s main source of export earnings for more than three decades, contributing about 80% to total export earnings.
It is good news for the country that its businessmen are trying to diversify their exportable products to foreign markets, thereby reducing dependence on the main export product – RMG, according to analysts.
They further said light engineering, jute and jute goods, handicrafts, leather and leather products, some specialty textiles, ceramic products, and glass and glassware were also doing well in the market. export over the past two years.
According to the EPB, certain agro-products such as edible vegetables and certain roots and tubers ($99.91 million), coffee, tea, meat and spices ($49.54 million), ginger, saffron, turmeric (turmeric)…curry and other spices ($39.66 million), sweets ($26.93 million), malt extracts, flour-based food preparations ($67.23 million) and fruit and vegetable juices ($58.20 million) performed well in exports last year.
In addition, tobacco and tobacco products, with export earnings of $107.22 million in the last fiscal year, also showed upward trends.
The largest exporter of processed ago products, Pran-RFL Group, has already announced that it will double its export revenue to $1 billion by 2025.
It also plans to reach $2 billion in revenue by 2030 through its diverse range of products and markets.
The conglomerate’s exports that began in 1997 by sending pineapples to France totaled $532 million in fiscal 22, the company said.
A higher volume of Bangladeshi agricultural produce is destined for Middle Eastern markets alongside some Asian, African and South Asian countries.