Bangladesh Top Exporting Nation to the EU, 2009
Despite a worldwide recession at the time, Bangladesh became the top exporter to the EU in 2009 with a 6.3 per cent growth from 5.7 billion Euros to 5.8 billion. This is while all other countries except for Qatar, registered a decline. Exports from Qatar are largely hydrocarbons and non-competing.
Bangladesh registered the growth to become the top exporter during a period when the EU market shrank by a staggering 23.4 per cent. During this time, exports from other countries suffered severe declines with China registering a 13.4 per cent drop, India 13.9 per cent and Vietnam 9.5 per cent.
Meanwhile, Stefan Frowein, head of the Delegation of the European Commission to Bangladesh, at a press briefing at its office in Dhak, explained that Bangladeshi exports were unaffected as they are not sensitive to income variables as compared to exports of other countries.
The press meet was organized to provide an update of EU- Bangladesh trade. Although the average yearly growth of EU exports to Bangladesh stands at 9 per cent, Bangladeshi imports from the EU dropped by 5.5% to 1 billion Euros in 2009.
At the briefing, Zillul Hye Razi, trade adviser of EU trade delegation to Bangladesh, said the use of the generalized system of preferences (GSP) facility increased significantly in the last five years for exports from Bangladesh to EU.
During the meet cause for concern was also expressed on the fact that Bangladesh RMG exports was largely dependent on a handful of products and Forwein advised for diversification. Forweign suggested that the ship building industry showed prospects with several orders from the EU, but urged them to maintain delivery timelines and quality.
