DHAKA, May 4, 2024 (BSS) - The export of plastic products witnessed a healthy 
growth of nearly 18 percent during the July-April period of the current 
fiscal year (FY24) fetching US$201.09 million due to competitive price 
advantage and creation of newer markets.

According to the latest statistics of the Export Promotion Bureau (EPB), this 
was the highest volume of export of plastic items during the 10-month period 
compared to the same period of the previous fiscal years.

The Bangladeshi plastic products are basically being exported to the United 
States of America (USA), Canada, European Union (EU), China, India and Nepal. 

According to the research findings of the Bangladesh Investment Development 
Authority (BIDA), the majority of Bangladesh's exportable plastic items are 
tableware and kitchenware.

Talking to BSS, Bangladesh Plastic Goods Manufacturers and Exporters 
Association (BPGMEA) President Shamim Ahmed said the competitive price of 
locally-made plastic items has played the key role in the export growth of 
this sector.

"The local manufacturers are now making world-class plastic items. This is 
encouraging the foreigners to buy plastics items from Bangladesh. Newer 
markets are being created every now and then for this sector which is helping 
to expand its export market," he added.

Noting that the country's plastic sector mainly represents the SME sector, 
Shamim said the entrepreneurs of this sector are not being able to make 
necessary marketing abroad. 

"If necessary market of local plastic items can be done abroad properly, then 
it will be possible to boost the export earnings from this sector by almost 
100 percent," he added.

The BPGMEA President also urged the government to direct the foreign missions 
abroad for helping to find out newer markets for the Bangladeshi plastic 
manufacturers.

Citing that the corporate tax rate alongside the other taxes in plastic 
sector are high compared to the RMG sector, Shamim demanded of the government 
to lower such tax rates to boost the country's export earnings from the 
plastic sector.

Talking to the national news agency, Marketing Director of PRAN-RFL Group 
Kamruzzaman Kamal said although the export receipts from this sector in the 
last fiscal year (FY23) was not so satisfactory, but the export earnings from 
this plastic sector would make a turnaround in this year due to the 
improvement in the developed economy.

According to the data from the BPGMEA, the local plastic manufacturers are 
now exporting more than 142 items abroad including film plastic, household 
items, garment accessories. The industry insiders hoped that the export of 
plastic items would cross US$250 million in this fiscal year.

As per the statistics of the EPB, the export of plastic items during the 
July-April period of the last fiscal year (FY23) totaled US$170.6 million. 
The strategic export target for the plastic sector in the current fiscal year 
(FY24) has been set at US$275 million. 

Mentionable, the global market size of plastic products is worth US$600 
billion.