Bangladesh eyes $35b slice of Saudi Arabia market
Bangladesh looks to gain a foothold in the Saudi Arabia with seven potential products_ including food and beverage_ apparel_ and jute and leather_ products which are now sourced from the global market for 35 billion US dollar annually.
Ceramic_ pharmaceutical and plastics also have good demand in this market - where Dhaka currently has a stake of less than 300 million dollar.
Keeping this goal in mind_ Dhaka wants to showcase its capacity through the first ever 'Trade and Investment Fair-2022' in Riyadh to be held during 6-8 October this year_ according to a recent letter of the Export Promotion Bureau (EPB).
The EPB's effort to plan to explore new export markets by organising a single-country expo is to reduce dependence on US and EU markets.
Similarly_ the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is looking for new markets; as part of its endeavour_ it will organise expos in China_ Japan and Korea next year to enhance the country's shares in those destinations and reach the 100 billion dollar apparel shipment target by 2030.
According to the International Trade Centre (ITC) data_ Saudi imports stood at 152.34 billion US dollar in 2021. China is the Saudi's largest export source_ 31.07 billion dollar_ followed by the USA_ UAE_ India and Germany.
On the other hand_ Bangladesh exported only 290 million dollar in FY2022_ of which apparel shipments amounted to about 144 million dollar_ according to the EPB. Saudi is the country's 24th largest export partner out of 202 destinations.
However_ Export Promotion Bureau data does not show the actual amount of exports to Saudi Arabia_ exporters say. The actual figures are higher_ they assert.
BKMEA Executive president Mohammad Hatem said_ We are scheduled to join the Saudi Arabia expo to explore the untapped market potential.
Presently_ Bangladeshi apparel makers are exporting via some Bangladeshi vendors based in Saudi Arabia and most of them cheat their exporters_ he also said_ adding that in most cases_ the apparel makers have no recourse as they trade informally.
.png "Advertisement")
