Bangladesh is a developing country that has been experiencing rapid economic growth in recent years. One of the main drivers of this growth is its foreign trade, which consists of exports and imports of goods and services. In this blog, I will provide an overview of the import-export trade statistics of Bangladesh 2022, based on the latest data available from various sources.
Bangladesh Export Statistics
According to the Foreign Trade Statistics of Bangladesh 2020-21, Bangladesh’s total exports in the fiscal year 2020-21 amounted to USD 38.75 billion, which was a 12.6% increase from the previous fiscal year. The major export items were ready-made garments (RMG), which accounted for 83.5% of the total exports, followed by jute and jute goods (3.4%), frozen food (2.7%), leather and leather products (2.3%), and agricultural products (1.9%). The main export destinations were the USA, which absorbed 17.4% of the total exports, followed by Germany (13.8%), the UK (8.9%), France (5.7%), and Spain (5.3%).
The Bangladesh Export Data shows that in the first two months of the fiscal year 2021-22 (July-August), Bangladesh’s exports reached USD 8.23 billion, which was a 49.4% increase from the same period of the previous fiscal year. The RMG sector continued to dominate the export basket, with a 51.9% growth rate, followed by jute and jute goods (40.6%), frozen food (35%), leather and leather products (28.9%), and agricultural products (24.4%). The USA remained the top export market, with a 19.6% share of the total exports, followed by Germany (14%), the UK (9%), France (5.8%), and Spain (5%).
According to the World Bank’s World Integrated Trade Solution, Bangladesh’s exports in 2019 were USD 45.99 billion, which was a 12.9% increase from 2018. The top export products were knitted or crocheted apparel and clothing accessories (41.7% of the total exports), not knitted or crocheted apparel and clothing accessories (38%), footwear (2.7%), fish and crustaceans (2%), and articles of leather (1.7%). The top export partners were the USA (16% of the total exports), Germany (15.6%), the UK (9.8%), France (6%), and Spain (5%).
Bangladesh Import Statistics
According to the Foreign Trade Statistics of Bangladesh 2020-21, Bangladesh’s total imports in the fiscal year 2020-21 amounted to USD 54.46 billion, which was a 8.6% increase from the previous fiscal year. The major import items were intermediate goods, which accounted for 62% of the total imports, followed by capital goods (19%), consumer goods (15%), and industrial raw materials (4%). The main import sources were China, which supplied 28.7% of the total imports, followed by India (14%), Singapore (5.3%), Indonesia (4.7%), and Malaysia (3%).
The Bangladesh Import Data shows that in the first two months of the fiscal year 2021-22 (July-August), Bangladesh’s imports reached USD 11 billion, which was a 47% increase from the same period of the previous fiscal year. The intermediate goods sector continued to dominate the import basket, with a 48% growth rate, followed by capital goods (44%), consumer goods (43%), and industrial raw materials (39%). China remained the top import source, with a 29% share of the total imports, followed by India (13%), Singapore (6%), Indonesia (5%), and Malaysia (4%).
According to the World Bank’s World Integrated Trade Solution, Bangladesh’s imports in 2019 were USD 57 billion, which was a 4% increase from 2018. The top import products were cotton (10% of the total imports), petroleum oils and oils obtained from bituminous minerals, crude (7.8%), machinery for preparing or making up tobacco or for making cigarettes or cigars or for pipe or chewing tobacco or snuff (3.6%), light-vessels, fire-floats, dredgers, floating cranes etc; floating structures nesoi (2.9%), and woven fabrics of synthetic filament yarn including woven fabrics obtained from materials of heading no. 5404 (2%). The top import partners were China (26% of the total imports), India (15%), Singapore (5%), Indonesia (4%), and Malaysia (3%).
Conclusion
Bangladesh is a country that has been expanding its foreign trade in recent years, especially in the export sector. The RMG industry is the main contributor to the export earnings, followed by other sectors such as jute, frozen food, leather, and agriculture. The main export markets are the USA, Germany, the UK, France, and Spain. The import sector is mainly driven by the demand for intermediate goods, capital goods, consumer goods, and industrial raw materials. The main import sources are China, India, Singapore, Indonesia, and Malaysia. The import-export trade statistics of Bangladesh 2022 show that the country is on a positive trajectory of trade growth and diversification.
Source URL: https://medium.com/@tradeimex11/import-export-trade-statistics-of-bangladesh-2022-f9361231a359
