Plastic product exports witness nearly 18% growth

Plastic product exports witness nearly 18% growth
Plastic product exports witness nearly 18% growth

The export of plastic products witnessed a healthy growth of nearly 18 per cent during the July-April period of the current fiscal year (FY24), fetching $201.09 million due to competitive price advantage and the creation of newer markets.

According to the latest statistics of the Export Promotion Bureau (EPB), this was the highest volume of plastic item exports during the 10-month period compared to the same period of the previous fiscal years, BSS reports.

Bangladeshi plastic products are exported to the United States, Canada, the European Union (EU), China, India, and Nepal.

According to the research findings of the Bangladesh Investment Development Authority (BIDA), most of Bangladesh’s exportable plastic items are tableware and kitchenware.

Talking to BSS, Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) President Shamim Ahmed said the competitive price of locally made plastic items has played a key role in this sector’s export growth.

“The local manufacturers are now making world-class plastic items. 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 cannot do the necessary marketing abroad.

“If necessary market of local plastic items can be done abroad properly, then it will be possible to increase the export earnings from this sector by almost 100 per cent,” he added.

The BPGMEA president also urged the government to direct foreign missions abroad to help Bangladeshi plastic manufacturers find newer markets.

Citing the high corporate tax rate and other taxes in the plastic sector 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.

Talking to the national news agency, marketing director of PRAN-RFL Group

Kamruzzaman Kamal said that although the export receipts from this sector in the last fiscal year (FY23) were not so satisfactory, the export earnings from this plastic sector would make a turnaround in this year due to the improvement in the developed economy.

According to the data from the BPGMEA, local plastic manufacturers are now exporting more than 142 items abroad, including film plastic, household items, and garment accessories. Industry insiders hoped that the export of plastic items would cross $250 million in this fiscal year.

According to EPB statistics, the export of plastic items during the July-April period of the last fiscal year (FY23) totaled $170.6 million.

The strategic export target for the plastic sector in the current fiscal year (FY24) has been set at $275 million.

As mentioned, the global market size of plastic products is worth $600 billion.

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