Foreign trade figures of Bangladesh

Foreign Trade in Figures

Trade represents only 34% of Bangladeshi GDP (World Bank, latest data available). According to government data, ready-made garments comprise the majority of exports, followed by jute, shrimps and prawns, and footwear; whereas imports are led by Iron & steel, edible oil, fertilizers, and petroleum products.

The country's main export partners are the U.S. (19.8%), Germany (14.4%), the UK (9.1%), Spain (6%), and France (5.1%). Imports come chiefly from China (21.3%), India (17%), Singapore (8%), Indonesia (5%), and Malaysia (3.9% - data NBS). The country acts as a passageway between the center of India and its Eastern provinces. Customs duties in Bangladesh are relatively high; however, the country is implementing a series of measures to reduce its trade barriers, including concessional tariffs, a customs duty recovery system, export processing zones, as well as high-level negotiations with key countries. Bangladesh has benefited from more simplified procedures and regulations to export its products to the European Union as an LDC (least developed country).

Since becoming independent, Bangladesh has had a negative trade balance, with its deficit being financed by international aid and expatriate transfers. In 2022, exports of goods from Bangladesh increased to USD 54.7 billion (from 44.2 billion the previous year) and imports of goods increased to USD 88.2 billion (from 80.4 billion in 2021 – data WTO). With regards to services, the imports for 2022 were USD 12.1 billion, while the exports were USD 8.2 billion. The World Bank estimated the country’s trade deficit at 8% of its GDP (from 6.4% one year earlier). In the first half of the 2023-24 fiscal year (July 2023-June 2024), Bangladesh's total exports increased by 0.84% year on year to USD 27.54 billion, as per the latest official data. Meanwhile, imports fell by 18.19% year on year to USD 33.68 billion during the same period.