Economy Desk: In the 10 months (July–April) of the current fiscal year 2023–24, the export of plastic products has increased by about 18 percent. During this period, products worth 20 million to 10 million US dollars were exported. According to data from the Export Promotion Bureau (EPB), last July to April saw the largest export of plastic products compared to the same period in any previous year. Plastic products are mainly exported to the USA, Canada, European Union, China, India, and Nepal.
Exporters say that the competitive price of locally manufactured plastic products has played a key role in the growth of the sector’s exports. The sector has managed to continue exporting despite the dollar crisis and difficulties in opening LCs for importing raw materials. According to EPB data, during July–April of the current fiscal year, plastic products were exported worth 20 million to 9 million dollars. In the same period of the last financial year
The amount was 17 million dollars. The growth during the discussion was 17.87 percent. And this year, the target of export income in this sector is 275 million dollars. It should be noted that the global plastic product market is currently worth 600 billion dollars.
The Bangladesh Plastic Products Manufacturing and Exporters Association (BPGMEA) says that at present, 5000 small and big factories in the country produce products in about 15 categories. These include polybags for the clothing sector, hangers, plastic clips, buttons, dolls in toys, balls, home chairs, tables, dining tables, various types of rakes, baskets, bathtubs, jugs, mugs, office paperweights, scales, tables, and ballpoint pens.
According to the information provided by the organization, the plastics industry has a local market of Tk 40 thousand crores. By 2020–25, the global plastics market will be billions of dollars. The average annual growth rate is 4.78 percent. BPGMEA also said that various types of plastic products, including pipes for the agriculture sector, bicycle parts, bumpers, handle covers, back lights, spoke lights, fish and egg baskets, video and audio cassettes, and computer materials, are being manufactured in the country. The government is now offering an eight percent cash incentive on the export of plastic products. It was 10 percent in the last financial year. According to BPGMEA, in the financial year 2022–23, the sale of plastic products in the country has reached Tk 35 thousand crores. In the financial year 2017-18, it was Tk 25 thousand crores.
