As the nation works to modify its trade policies, Bangladeshi footwear exporters are voicing concerns about the possible repercussions of reciprocal tariffs imposed by the US. Industry leaders are pleading with the government to adopt the required trade policy reforms and practise proactive economic diplomacy in order to preserve Bangladesh’s competitive advantage, as the US market is a vital destination for Bangladeshi exports.
Syed Nasim Manzur, managing director of Apex Footwear Ltd and president of the Leathergoods and Footwear Manufacturers and Exporters Association, highlighted the urgency of the situation. He noted that the US has been discussing these tariffs since January, and Bangladesh’s failure to prepare adequately could have serious consequences for the footwear sector.
Currently, Bangladesh’s average duties on US imports stand at 54 per cent. Manzur emphasised the need for tariff rationalisation and a clear roadmap to improve the business environment in Bangladesh. “This is a time for economic diplomacy,” he said, welcoming the National Board of Revenue’s recent discussions on the issue.
Nasir Khan, managing director of Jennys Shoes Ltd, pointed out that the US accounts for nearly 19 per cent of Bangladesh’s total exports, making it an essential market for local manufacturers. Although imports from the US are modest, Khan believes that lowering tariffs on US products could present new opportunities for Bangladeshi exporters.
As the situation unfolds, industry leaders are calling for immediate action to mitigate the potential negative effects of the new tariffs on Bangladesh’s export landscape. The effectiveness of the Government’s response will be crucial in determining how the country navigates these changing trade dynamics.
