HSBC study report urges Bangladesh to diversity export basket

26 Nov '24

1 min read

HSBC study report urges Bangladesh to diversity export basket

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Bangladesh should diversify its export basket beyond garments to include pharmaceuticals, leather goods, jute products and agro-processed goods, a study by HSBC Bangladesh suggested.
The UK Developing Countries Trading Scheme is essential for deeper integration into global supply chains and will ensure Bangladesh retains preferential access to the UK market after LDC graduation, the report noted.

Bangladesh should diversify its export basket beyond garments to include pharmaceuticals, leather goods, jute products and agro-processed goods, HSBC Bangladesh recently suggested in a study report titled ‘Navigating New Opportunities: Analysis of the UK–Bangladesh Trade Dynamics’.

The UK Developing Countries Trading Scheme (DCTS) is highlighted as essential for deeper integration into global supply chains. This will also ensure Bangladesh retains preferential access to the UK market after it graduates from the least developed country (LDC) status in 2026, the report noted.

The report also stresses on the need for infrastructural development in ports, logistics and digital systems to facilitate smoother bilateral trade. Aligning regulatory frameworks and fostering skill development through partnerships is also mentioned as vital to sustaining this synergistic partnership.

Over 240 British businesses hold key investments in Bangladesh in diverse fields ranging from textiles, banking to education.

Commissioned by HSBC, the study initiated in November last year was conducted by EY Bangladesh and Quay Asia, according to Bangladesh media outlets.

Fibre2Fashion News Desk (DS)

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