Bangladesh's RMG exports to UK may reach $11 bn by 2030: RAPID

17 Mar '23

1 min read

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Bangladesh can raise its earnings from readymade garment (RMG) exports to the United Kingdom to $11 billion by 2030 from $4.5 billion in the last fiscal as it will continue to get duty-free market access after graduating from the least developed country (LDC) status, according to projections by Research and Policy Integration for Development (RAPID), a Dhaka-based non-profit.

The United Kingdom will continue to offer the existing duty benefit to all LDCs until 2029 that would include a three-year transition period, said RAPID chairman MA Razzaque.

“It is still unsettled if Bangladesh’s garment exports after LDC graduation will continue to receive duty-free market access in the European Union (EU) but, under the UK Developed Countries Trading Scheme (DCTS), Bangladesh apparel exports will continue to get duty-free access in the UK”, he was quoted as saying by a media outlet in the country.

Non-RMG exports to the country can reach $1.3 billion by 2030 from $700 million now, he said, adding that the potential is much higher for the growth of non-RMG exports to the United Kingdom.

Razzaque was presenting findings of a study at a stakeholder consultation meeting, titled ‘Expanding and Diversifying Exports to the UK Market’ in Dhaka.

Fibre2Fashion News Desk (DS)

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