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17 April, 2019 00:00 00 AM / LAST MODIFIED: 17 April, 2019 01:13:39 AM
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Furniture export needs a boost

It is encouraging to note that the exports of furniture increased by 20 per cent in July–March on a year-on-year basis, thanks to innovative design and quality, rising local investments, exploration of new markets, affordable labour force and modern technologies. According to a report of this newspaper yesterday, the furniture sector recorded export earnings of  $54.60 million in nine months in the 2018–19 financial year. This was up from the $45.50 million recorded for the same period in the previous fiscal year, thus recording a robust growth of 20 per cent.

Furniture is one of the 10 top industries contributing to the country's export basket. Bangladesh exports furniture to Middle East countries, India, Canada, Nepal, Bhutan, Malaysia, the US, Belgium and other European countries. Currently, the furniture manufacturing industry creates 1.8 million jobs and the local market size touched around Tk 600 billion per annum. What is needed is that the local entrepreneurs should explore the international market by improving the quality of furniture.

After the emergence of Bangladesh the country had to bear the stigma of ‘basket case’. Credit goes to the successive governments and entrepreneurs for their efforts to industrialise the country successfully.  Bangladesh has not only able to free itself from the stigma but also managed to establish its status in the comity of nations. Export potentials of the country have surged and it is earning substantial foreign currencies every year. Many Bangladeshi products have great demand in the global market. But there is no reason for expressing complacency. More avenues for exporting products need to be explored.    Since raw materials for making furniture are still being imported the cost of furniture is high. More investment in backward integration sector of furniture is needed so that raw materials could be sourced 100 per cent locally and cost of furniture could be reduced. The government should take initiative to strengthen the furniture making sector for boosting export.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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