Bangladeshi exporters have taken Brexit as a grave concern as it has already started affecting the country’s trade with the UK where the country’s exports achieved spectacular growth in last several years. Local readymade garment (RMG) exporters feel that policy support including cash incentive would help them cope with the impacts anticipated to be caused by the exit of UK from the European Union (EU), the world’s largest trading block. The UK is the third biggest export destination of Bangladeshi products after the US and Germany. Bangladesh enjoys the balance of trade in its favour with the world’s fifth largest economy.
According to Export Promotion Bureau (EPB) data, Bangladesh exported goods worth $3.81 billion to the UK against its imports of $276.60 million in the fiscal year 2015-16 posting a trade surplus of $3.53 billion. Whereas in the last fiscal (FY 2014-15), the country fetched $3.2 billion from exports to the UK and imported goods worth $330.20 million registering a surplus of $2.87 billion.
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman has rued that the Brexit process has started and it is affecting the trade between Bangladesh and the UK. He claimed that Bangladesh’s export market in the UK is worsening due to the influence of Brexit process. The price fall of UK pound has caused losses to us and it is speculated that the situation will further worsen in near future.