In the face of global economic headwinds, Bangladesh has emerged as an emerging and high-potential non-traditional market, with Australia becoming a significant destination for exports worth $12 billion. According to data from the Export Promotion Bureau (EPB), in the first ten months of fiscal year 2022-23, Bangladesh witnessed a remarkable 34.3% year-on-year growth, earning $1.05 billion from the Australian market. Industry insiders attribute this achievement to factors such as duty-free market access, product diversification, extensive marketing efforts, and the China-Australia geopolitical conflict.
Experts predict that if current trends continue, earnings from Australian exports could potentially double or even triple in the near future. Bangladesh’s non-traditional markets, particularly the ready-made garment (RMG) sector, have played a pivotal role in this growth. However, there is untapped potential for expanding exports beyond RMG, including agro-processing items, processed food, jute diversified goods, fruits, vegetables, leather, and leather goods.