Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

Bangladesh to lose LDC status in 2026

  

Bangladesh will no longer be a least-developed country from 2026.

After becoming a developing nation, Bangladesh will lose its preferential market access and face ten per cent to 12 per cent duty on its exports. However, it will enjoy the duty preference in the European Union up to 2029 as the trade bloc has extended a three-year grace period.

Bangladesh has set a target to raise the nation's share in the global apparel market to double-digit in three years. The country has a six per cent market share in the global apparel supply chain. But product diversity is needed as more than 75 per cent of exported garment items are confined to the top five products although the country is the second largest apparel supplier in the world.

Improvement of efficiency and making more garments from manmade fiber can help overcome the challenges of the duty imposition after the LDC graduation. Globally, the use of manmade fiber is rising. Worldwide, almost half of all apparel exports are of manmade fiber products while 42 per cent are cotton-based garment products. In Bangladesh, 72 per cent of the garment exports are cotton-based apparel and just 24 per cent are of manmade fiber.

Bangladesh’s share in the global market for manmade fiber is less than five per cent at present.

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo