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Exports of electric goods surge to $100m
SUKANTA HALDER
Locally manufactured electric products, namely transformers and accumulators, are gaining popularity abroad as the industry’s annual export earnings touched a record-high of $100 million in the just concluded fiscal year.
The last time export proceeds from electric goods even came close to the current level was back in fiscal 2014-15, when outbound shipments fetched a total of $90 million.
The industry’s annual foreign earnings had fallen to around $65 million the following fiscal and despite a slight recovery in the year after, export receipts continued on a downward trend, hitting a low point of around $39 million in FY20.
Exports then ballooned by about 71 per cent in fiscal 2019-21 before going on to hit $67 million in fiscal 2020-21, according to the Export Promotion Bureau (EPB).
Industry insiders say the growth in exports was possible thanks to an increase in skilled manpower, production quality, branding, and acceptance in international markets.
Humayun Rashid, managing director and chief executive officer of Energypac Power Generation, said exports have risen as they are producing products of international standard.
“Efficiency is increasing and for this reason, the market is expanding,” he added.
Rashid went on to say that it took a lot of effort for the industry to reach its current milestone as local manufacturers and exporters are tirelessly working to grab a bigger share of the global market.
Energypac currently exports electric goods to India and Nepal while the company previously shipped some products to Sudan, Ghana and the Philippines.
Rashid then explained that the industry could do even better with the help of government support in regards to building confidence on local products in the international market.
In addition, if the industry was given priority similar to the garment sector, then it could be possible to export up to $1 billion worth of electric goods in the next four or five years.
“We are mainly exporting transformers, switchgear, isolators and transformers,” he said, adding that they now want to compete with China in supplying electric goods.
Other electric goods exported from Bangladesh include, but are not limited to, cables, distribution boards, tube lights, insulators, fans, heat and speed control systems, magnetic contractors and switches.
Sohel Rana, chief business officer of electrical appliances at Walton Hi-Tech Industries, said they are capable of producing products that meet international standards.
Bangladesh is now able to produce more quality products at a lower price because the country has more skilled manpower than before.
“We have exported fan, LED lights and switch sockets to Nepal, Bhutan, India, Uganda, East Timor, Mali, Yemen and Sri Lanka. We are working on expanding in the global market,” he said.
According to Rana, Walton exported about 10,000 fans, switch sockets and LED lights between January and July this year.
“Our exports will open up new horizons in Europe, the Americas and Africa because necessary measures have been taken to export goods to these regions,” he added.
KMG Kibria, assistant general manager of Minister Hi-Tech Park, said they are preparing for exports, which may begin next year.
“Electric products have great potential in both local and international markets. Other than China, those who are in this market are not doing very well and so, Bangladesh has a big opportunity in this regard,” he added.
“Our primary target is to export to the Middle East, Nepal, Bhutan and some parts of India and Africa.”