Bangladesh, a country in South Asia placed between India and Myanmar, has become a major player in the world of commerce. The nation’s economic growth and development have been facilitated over time by the diversification of its export base and the strengthening of its trade links with numerous countries. In this blog article, we’ll look more closely at some of Bangladesh’s main trading partners and the factors that shape their business relationships.
What is Bangladesh famous for in trade?
As we know, Bangladesh is famous for its ready-made garment (RMG) industry. The RMG sector is the largest export earner for Bangladesh, accounting for over 80% of total exports as per Bangladesh Trade Data. Bangladesh is the second largest exporter of garments in the world, after China. Other major export products from Bangladesh include:
- Jute and jute products
- Leather products
- Frozen fish and shrimp
- Home textiles
- Pharmaceutical products
- Plastic and plastic products
Some Trade Facts about Bangladesh:
Bangladesh’s trade is an important driver of the country’s economy. It helps to create jobs, generate income, and reduce poverty. The government of Bangladesh is committed to further expanding the country’s trade and making it more diversified. Here are some trade facts about Bangladesh:
- Based on Bangladesh Trade Data, Bangladesh Trade Data Bangladesh’s trade has grown rapidly in recent years. In 2022, the country’s total trade (exports and imports) was worth $130 billion, up from just $20 billion in 2000.
- The ready-made garments (RMG) sector is the largest export earner for Bangladesh, accounting for over 80% of total exports.
- Bangladesh is the second largest exporter of garments in the world, after China.
- Other major export products of Bangladesh include jute and jute products, leather products, frozen fish and shrimp, home textiles, pharmaceutical products, and plastic and plastic products.
- Bangladesh is also a major importer of machinery, raw materials, and petroleum products.
Top Trading Partners of Bangladesh:
Bangladesh is a small country with a population of over 160 million people. However, it has a rapidly growing economy and is becoming an increasingly important player in the global trading system. In 2022, Bangladesh’s total trade exports and imports were worth $130 billion, as per Bangladesh Import Data. The top export and import partners of Bangladesh are:
Top Import Partners in Bangladesh:
According to Bangladesh Import Data, Bangladesh’s total imports in 2022-23 were $96.17 billion. This represents a 35.42% increase from 2021-22.
- India: India was Bangladesh’s largest import partner in 2022, accounting for $18.8 billion of imports. The main imports from India were raw materials, machinery, and petroleum products.
- China: China was Bangladesh’s second largest import partner in 2022, accounting for $17.1 billion in imports. The main imports from China were machinery, raw materials, and petroleum products.
- Singapore: Singapore was Bangladesh’s third largest import partner in 2022, accounting for $7.9 billion in imports. The main imports from Singapore were machinery, electronics, and chemicals.
- Japan: Japan was Bangladesh’s fourth largest import partner in 2022, accounting for $6.8 billion in imports. The main imports from Japan were machinery, electronics, and chemicals.
- Hong Kong: Hong Kong was Bangladesh’s fifth largest import partner in 2022, accounting for $6.1 billion in imports. The main imports from Hong Kong were machinery, electronics, and chemicals based on Bangladesh Import Data.
Top Export Partners of Bangladesh - United States: The United States was Bangladesh’s largest export market in 2022, accounting for $25.1 billion of exports. The main exports to the US were garments, textiles, and leather products.
- Germany: Germany was Bangladesh’s second-largest export market in 2022, accounting for $21.6 billion of exports. The main exports to Germany were garments, textiles, and leather products.
- United Kingdom: The United Kingdom was Bangladesh’s third-largest export market in 2022, accounting for $15.3 billion of exports. The main exports to the UK were garments, textiles, and leather products as per Bangladesh Trade Data.
- Spain: Spain was Bangladesh’s fourth largest export market in 2022, accounting for $7.7 billion of exports. The main exports to Spain were garments, textiles, and leather products.
- Canada: Canada was Bangladesh’s fifth largest export market in 2022, accounting for $5.7 billion of exports. The main exports to Canada were garments, textiles, and leather products.
How do I obtain Bangladesh import data?
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