Bangladesh’s consumer electronics exports jumped 8.5 times in the first nine months of the fiscal year 2020-21, compared to the same period of the previous fiscal year, according to Export Promotion Bureau data.
Duringthe July-March period of the FY2019-20, Bangladesh earned around $1.44 million from the exports of electronics goods – including refrigerator and freezer, air conditioner, LED television, washing machine, blender, rice cooker, gas stove, induction cooker, fan, hot plate, refrigerator compressor and components – according to the EPB, reports UNB.
In the same period of FY21, the country’s earnings from the electronics goods export rose to $12.22 million, about 8.5 times higher than the export earnings of the previous fiscal year’s same period.
Industry insiders think that the local electronics manufacturing industry will emerge as the country’s major export earning sector like the readymade garment sector if the government provides necessary policy support including export incentives.
One and a half-decade ago, the local demand for electronics products were met with the imported goods. Now the local brands have proved their mettle in capturing more than 90% of the markets by overcoming the foreign brands’ complete dominance.
Also, international market analysts said Bangladeshi brands have enough potential to grab a lion’s share in the global consumer electronics market.
They said China is the major supplying country of most global consumer electronics brands. But the growing trade tension between the US and China have led the global brands to lean towards establishing business relations with other Asian countries.