The Financial Express reported that amid continuous downtrend of the export volume Bangladesh has moved forward to increase shipment to Iran.
Officials said that Bangladesh mainly exports raw jute and jute goods to the Muslim nation and due to various sanctions export of the items there fell drastically.
Export Promotion Bureau statistics said that in fiscal year 2010-11 Bangladesh's export to Iran was worth USD 97.25 million which, in FY 2011-12, fell to USD 83.32 million, marking a 14.32% decline.
During the July to November period of the current fiscal year goods worth USD 30.19 million were exported to Iran.
Alongside jute and jute goods, Bangladesh's exports to Iran also include oil seeds, pharmaceuticals, kitchenware, plastics, vegetables, textile fibers, paper yarn, woven fabric, electronic equipment and stainless steel blade.
Recently the EPB suggested the Bangladesh embassy in Tehran to take various measures so that export to Iran is boosted.
The Bureau asked the embassy officials to identify potential exportable items from Bangladesh to Iran, market size and market trend, sending samples of products marketed in Iran for adaptation requirements, packaging and presentation requirements and quality requirements.
The embassy officials are also being asked to study the nature of competition in the Iranian market, trend of prices of the items, tax structure, non tariff barriers, distribution channels and market penetration strategy.
Officials said that financial transaction with Iran faces various hurdles because of the sanctions imposed on it by the Western nations that discourage exporters to trade with the Muslim nation.
Statistics added that due to the sanctions the transactions among nine member countries of the Asian Clearing Union mechanism declined sharply.
Currently Iran is holding the chairmanship of ACU where Bangladesh, India, Sri Lanka, Pakistan, Nepal, Bhutan, Myanmar and the Maldives are members.
