Export earnings from plastic products up by 30pc

Export earnings from plastic products have risen by 30 per cent during the first five months of the current fiscal year (FY19), according to statistics of Export Promotion Bureau (EPB) and Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA).

Multiple uses of plastic products have increased in the country gradually and its export volume has expanded remarkably, thanks to good quality products as well as fulfilling domestic demands, they added, reports BSS.

From July to November of the current fiscal, export volume of plastic products stood at US$487,000, which is higher than of 30 per cent in the 2017-18 year, the EPB and BPGMEA sources said.

“The total export of plastic products in the 2017-18 fiscal year was 98.4 million. We are exporting plastic goods to 23 countries including UK, Germany, France, Poland, Spain and Canada ” BPGMEA President Md Jasim Uddin told BSS.

The exported goods included household materials, automobiles, medical equipment and toys, he said, adding the country can embark on exploring to increase export volume of plastic products.

The size of foreign markets of plastic products is nearly one trillion US dollar.

Jasim said, “If we want to catch up the opportunity of huge plastic markets on the global stage, we need more investment in the sector.” There are 5,000 factories in the plastic manufacturing sector, he said adding generally 15 types of plastic goods are produced in the country.

He said domestic market size of plastic goods is Tk 200 billion  and the government should extend facilities, including cash incentives, relaxation of condition for bank loan, to encourage entrepreneurs to invest more in the plastic manufacturing sector.