Plastic goods-makers target yearly $5b exports by 2029

The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) has set an export target of achieving yearly $5 billion for plastic products by the next five years, aiming to capture a larger share of the global market currently valued at $560 billion.

Bangladesh Plastic Goods Manufacturers President Samim Ahmed announced the target at a press conference on Monday for the upcoming International Plastics, Packaging and Printing Industrial Fair 2024.

He acknowledged that Bangladesh currently exports only 1% of the global plastic market, but with focused efforts, the country can significantly increase its share.

The 16th edition of the fair, starting Wednesday at the International Convention City Bashundhara, will showcase the latest advancements in plastics, digital printing, and packaging machinery. The four-day event will feature 761 companies from 21 countries, with 961 stalls displaying their products and services.

The Bangladesh Plastic Goods Manufacturers and Yorkers Trade and Marketing Service Co Ltd are jointly organising the fair which will continue till 27 January.

The fair will be attended by manufacturers and suppliers of various types of plastic products used in the country, Samim Ahmed said.

Among the 961 booths, 800 are of 600 foreign companies and 161 of 54 domestic companies participating in the 2024 fair, he added.

The domestic companies are participating in 15 categories including plastic household items, crockeries, packaging materials, plastic mould, toys items, pharmaceuticals items, plastic furniture, melamine items, garments accessories items, PP woven bags, automobiles, and electric and electronic items.

Meanwhile, companies from different countries will display different types of plastic products manufacturing machines and catalogues of plastic injection moulding machines, PP woven bag machines, packaging machines, flexographic printing machines, PET blow machines, and plastic bag-making machines.

According to Export Promotion Bureau data, Bangladesh ranks 12th in exports of plastic products. If accounts of hidden exports (including garment accessories) are included, the position becomes sixth, the Bangladesh Plastic Goods Manufacturers president said.

He added, "We export $220 million worth of plastic products directly, and $900 million worth of plastic products indirectly through garment products. We are now focusing on exports.

"Compliance is essential for exports, and we are focusing on that. The government is building a plastic industrial city, and I hope it will be implemented by 2026."

He said there are 6,000 plastic industrial factories in the country, of which 80% are small and medium-sized factories.

With plastic, Bangladesh primarily produces household goods and packaging products for food processing, pharmaceutical and FMCG (fast-moving consumer goods) industry, garments bags and accessories, toys, sanitary items and construction products including PVC pipes, according to the website of Bangladesh Investment Development Authority (Bida).

According to Export Promotion Bureau data, the country's total plastics export in the fiscal 2022-23 was $209.86 million. About 1.2 million people are employed in the sector.