The export of the agricultural products witnessed a positive growth of 10.25 per cent to $742.47 million year-on-year in the July-February period of the current financial year.
During the past eight months, export earnings from agricultural products were $673.44 million in the mentioned period of the previous fiscal, according to the Export Promotion Bureau data released on March 4.
The sector people said that agricultural products are regarded as one of the country鈥檚 major potential export sectors. In FY21, the sector crossed the milestone of $1 billion for the first time and earned $1.02 billion.
In FY22, the sector earned $1.1 billion; however, in the following fiscal year, earnings dipped to $827.1 million. In FY24, the sector witnessed a turnaround and earned $964.34 million.
The sector people said that if the current trend continues for the next four months of the current fiscal year, they might be able to touch the milestone of $1 billion again.
According to the EPB, the agricultural sector鈥檚 product list includes tea, vegetables, tobacco, fruits, spices, dry food, oil seeds, betel leaves, animal or vegetable fats and oils, sugar and sugar confectionery, beverages, spirits and vinegar, oil cake, and others.
Bangladesh Investment Development Authority said that more than 700 essential and processed food products are exported to more than 140 countries.
Moreover, the聽agriculture and food processing sector employs about 40 per cent of the national labour force and contributes about 12 per cent to the country鈥檚 GDP.
BIDA also stated that the major export destinations of the Bangladeshi agro and food processing sector include the European Union, the US, the Middle East and the Gulf.
At present, there are nearly 500 producers of processed agricultural products. On the other hand, the Bangladesh Agro-Processors鈥� Association has 303 active members who are directly involved in either exporting or catering to the domestic market.
Talking to 抖阴精品, Md Iqtadul Hoque, general secretary of BAPA, said that in the past two years, the export witnessed a negative trend but since the beginning of the current fiscal, the export turnaround.
鈥極ne of the reasons for the increase in export volume and earnings is increased food demand for Ramadan. We have seen a huge quantity of export of items like vermicelli, traditional frozen snacks, and other agro products,鈥� he added, saying that it may cross $1 billion at the end of the current financial year.
Usually, non-resident Bangladeshis abroad and migrant workers mainly in the Middle East are the primary consumers of locally produced and processed agricultural products.
He also said that their earnings would have been higher if they had received sufficient government policy support.
He said that, meanwhile, the government plans to lift the ban on the export of fragrant rice by 25,000 tonnes in six months, though BAPA had proposed to export 50,000 tonnes per year.
He also urged the government to provide bonded warehouse facilities and tax rebates so that they could compete with global competitors and to ease the loan processing.
The government has recently lifted ban on export of fragrant or aromatic rice. The commerce ministry will allot the exporting company and their quantity soon.
PRAN-RFL Group has the lion鈥檚 share among the major players in the export of agri-food products. Currently, they export their agricultural products to 145 countries.
Talking to 抖阴精品, Touhid Zaman, deputy general manager (public relations) of PRAN-RFL Group, said that freight costs and the price of raw materials were high in the past few years, along with global economic turmoil due to the Ukraine-Russia war, which impacted Bangladesh鈥檚 exports.
鈥楬owever, as mentioned issues have been eased somewhat, the exports are rising and we expect it will cross $1 billion at the end of the current financial year,鈥� he added.
He also said that the government was likely to lift the ban on exporting aromatic rice and if the government did so, the exports might witness robust growth.
He also urged the Export Promotion Bureau and the commerce ministry to create opportunities for participation in global expos and fairs.
