Bangladesh exports and imports – impressive
Bangladesh exports and imports – general information
Bangladesh is mainly known as an exporter of clothing and fabrics but the economy is also a growing success story and the country imports lots of products driven by growing consumer demand. The country has also overtaken India and Pakistan for per capita income.
The economy of Bangladesh is a developing market economy. It’s the 35th largest in the world in nominal terms, and 30th largest by purchasing power parity. Bangladesh is the eighth most populous country in the world, with a population exceeding 162 million people. Official language is Bengali. The currency is the Bangladeshi Taka and the country is located in time zone UTC+6
Bangladesh exports and imports – economic information
Industry – 33.6%
Services – 52.2%
When Bangladesh gained independence in 1971 it was by many economic gauges the poorest country in the world. Whilst the country has been fighting poverty, poor infrastructure and healthcare for much of its history, recent years have seen sound economic progress. This is so much so that Bangladesh has now overtaken its larger neighbour, India, in terms of per capita income. Bangladesh per capita income in 2020 was $2,227, a 9% increase from the previous years figure of $2,064. This compares favourably with the 2020 per capita figures for India of $1,947 and Pakistan of $1,543.
Bangladesh economic growth was badly impacted by Covid 19, along with most other countries, however growth is expected to bounce back in the new fiscal year of July 2020-June 2021 with a current forecast of 5.9%. This growth is driven by an increase in demand for Bangladesh’s main export of clothing and fabrics as an easing of restrictions in other economies leads to an increase in demand for these goods. The Bangladesh government has also implemented both fiscal and monetary stimulus measures to support the economy. Growth for the 2022 financial year is projected to further improve to 7.1%.
Bangladesh ecomonic review on Bangladesh Ministry of Finance website.
Bangladesh exports and imports – main exports and imports
Bangladesh main exports by category:
- Knit or crochet clothing, accessories
- Clothing, accessories (not knit or crochet)
- Miscellaneous textiles, worn clothing
- Paper yarn, woven fabric
- Leather/animal gut articles
- Raw hides, skins not fur skins, leather
- Plastics, plastic articles
Bangladesh main imports by category:
- Machinery including computers
- Mineral fuels including oil
- Electrical machinery, equipment
- Iron, steel
- Plastics, plastic articles
- Manmade staple fibers
- Manmade filaments
- Knit or crochet fabric
Bangladesh exports and imports- trade information
Bangladesh’s major international trade partners are European Union, United States, Canada, India, Australia, China and Hong-Kong.
Bangladesh is a member of the SAFTA, SAARC, BIMSTEC, WTO, AIIB, IMF, Commonwealth of Nations, World Bank, ADB, Developing-8.
Total value of exports – $ 33.6 billion
Total value of imports – $ 46.2 billion
The Bangladesh government had developed a website called the Bangladesh Trade Portal which provides a concise and yet comprehensive guide to exporting and importing with the country. The full description of the portal is below:
The Bangladesh Trade Portal (BTP) is an official source of all regulatory information relevant to traders who wish to import goods into Bangladesh or export to other countries. The Ministry of Commerce of Bangladesh Government has established the Portal in order to improve the predictability and transparency of the country’s trading laws and processes.
The Portal is also a one-stop point for information relating to export from and import into Bangladesh. Click on the relevant links on a page to look for the Tariffs relating to each commodity, any special measures, the procedures for applying for permits, licenses and Customs clearance and much more. The Guide to Trade, on the top menu of this page, provides a comprehensive set of instructions and guidelines in plain language and conveniently organized by topic. The Trade Portal is in line with the government’s commitment to facilitating information sharing, the 7th Five Year Plan which focuses on accelerating economic growth, as well as compliance with Article 1 of the Trade Facilitation Agreement with the World Trade Organization.
A link to the webiste is here: https://www.bangladeshtradeportal.gov.bd/
Bangladesh exports and imports – business development
Ease of doing business ranking –168th in the world
International dialing code – +880
Main business domain – .bd
Many great Bangladeshi companies are listed here on our website. To view the full range of listings from Bangladesh companies just visit our home page www.blackcat360.com and click Bangladesh on the ‘choose a location’ search. Products and services include clothing, textiles, food and logistics.
Bangladesh exports and imports