Bangladesh’s plastic exports just 0.1% of global sales

Though growing locally, the country's plastic sector accounts for just 0.1 per cent of global sales, which industry players blame on low inflow of foreign investment. 

Plastic goods worth $570 billion are sold annually around the globe and Bangladesh exports plastic products worth around $1.2 billion to 126 countries including the United States, Canada, European Union members and Asian nations such as China, India and Nepal.

"We are working on a target of achieving 3 per cent of the global market by 2030," said Shamim Ahmed, president of the Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), yesterday.

About the low global share, Ahmed said the country's plastic sector was undergoing an annual growth of 20 per cent.

But unlike the garment and textile sector, the plastic did not get the enough foreign investment for which the share was still low. "We need more investment...," he said.

At present, over 5,030 micro, small, medium and large industries are operating in the country's plastic sector.

There are 4,000 plastic manufacturing companies in Bangladesh that employ more than two million people directly and indirectly.

Plastic products worth about Tk 40,000 crore are currently being produced and marketed internally.

"The sector generates an estimated revenue of around Tk 3,500 crore for the government exchequer every year," said Ahmed.

He was addressing a press conference the association organised on its premises in Dhaka to announce the launching of a four-day International Plastic Fair-2023 from tomorrow.

Jointly being organised for a 15th time by the association and Yorker Trade and Marketing Service Company at International Convention City Bashundhara, the fair aims to create new markets for locally made plastic products.

A total of 750 stalls will be set up by 494 companies from about 21 countries including China, South Korea, Belgium, Canada, USA, France, Italy, Japan, Austria and United Arab Emirates, said Ahmed.

They are expected to showcase a variety of products and manufacturing machineries, which in turn is expected to increase investments, market size and exports, he said.

The products include household items, packaging materials, moulds, toys, pharmaceuticals, furniture, garments accessories, automobiles and electric and electronic merchandise.

It is expected that this sector will play a greater role in the national economy in the days to come, he added.

Industries Minister Nurul Majid Mahmud Humayun is expected to inaugurate the fair as chief guest.

In fiscal 2003-04, Bangladesh exported plastic goods worth $107.29 million whereas in the fiscal year 2021-22, plastic goods export amounted to $1,096.45 million.