Bangladesh Top 10 Imports

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Introduction

Bangladesh, a country located in South Asia, is known for its vibrant textile industry, and thriving economy. In recent years, it has emerged as a major player in the global market, showcasing impressive growth in various sectors. One crucial aspect of Bangladesh's trade scenario is its import market. According to the Bangladesh import data, Bangladesh imported items worth about 88.23 billion dollars in 2022, while the total imported goods in 2021 was about $93.89 billion. Let’s dive into Bangladesh's top 10 imports, shedding light on the country's import trends and partners.

Top 10 imports of Bangladesh

In order to satisfy its domestic needs and promote economic growth, Bangladesh primarily depends on imports. The nation imports a wide range of items and commodities, including consumer goods, electronics, chemicals, petroleum products, machinery, raw materials, and raw materials. By examining the Bangladesh import data, we may determine the needs and preferences of the nation while also learning more about its international trade links. The top ten imports of Bangladesh according to the Bangladesh import data for 2021 are as follows:

1. Raw Cotton: US$8.4 billion (12.1%)

2. Mineral fuels: $6.8 billion (9.8%)

3. Machinery including computers: $6.5 billion (9.4%)

4. Electrical machinery and equipment: $4.5 billion (6.4%)

5. Iron and steel: $3.8 billion (5.5%)

6. Cereals: $3.4 billion (4.8%)

7. Plastics and plastic articles: $3.1 billion (4.5%)

8. Animal/vegetable fats, oils, waxes: $2.4 billion (3.5%)

9. Knit or crochet fabric: $2.1 billion (3%)

10. Vehicles and automobiles: $1.95 billion (2.8%)

The total imported goods amounted to $42.95 billion in 2021. Over three-fifths (61.8%) of the total worth of Bangladesh's product imports from foreign nations may be attributed to the top 10 imports.

Bangladesh’s import of cotton and related products

Cotton and related products occupy a significant position in Bangladesh's import market. The country heavily relies on these imports to fuel its thriving textile industry. By importing raw cotton, yarn, and other related products, Bangladesh ensures a steady supply of materials for its garment factories. The country's clothing manufacturers transform these materials into high-quality apparel, which are then exported around the globe.

Bangladesh became the third-largest raw cotton importer in the world in 2021, bringing in $2.8 billion. As per Bangladesh Trade Data raw cotton was their second-most imported good that year. India ($1.38B), Brazil ($430M), Benin ($425M), the United States ($311M), and Greece ($74.4M) are the main countries from which Bangladesh receives raw cotton. In terms of raw cotton imports for Bangladesh between 2020 and 2021, India ($678M), Brazil ($116M), and Benin ($107M) experienced the fastest growth rates.

1. Raw, uncombed cotton: $2.8 billion

2. Yarn: $2.2 billion

3. Raw cotton Woven fabrics: $1.3 billion

4. Mixed woven fabrics: $948.8 million

5. Woven cotton fabrics: $710.2 million

6. Yarn (under 85% cotton): $251.2 million

7. Woven fabrics with under 85% cotton: $207.2 million

8. Other woven fabrics: $48.4 million

9. Cotton waste: $12.5 million

10. Combed and carded cotton: $3.9 million.

Bangladesh’s Import of machinery including computers

Another crucial import for Bangladesh is machinery, including computers. As the country focuses on enhancing its infrastructural framework and industrial growth, the need for advanced machinery becomes paramount. From construction equipment to computer hardware, these imports play a vital role in boosting Bangladesh's development efforts. They contribute to the modernization of industries and facilitate innovation in various sectors. Following are the top 10 machine categories in terms of importer spending in 2021, including computers according to the Bangladesh import data and trade data.

1. Elevators and liquid pumps: $403.1 million

2. Turbines for steam or vapor: $348.9 million

3. Machines that change the temperature: $329.2 million

4. Optical readers and computers: $322.6 million

5. Machines for washing, cleaning, and ironing yarn: $275.6 million

6. Pumps that move air or vacuum: $266.5 million

7. Sewing machines and related furniture: $263.1 million

8. Machinery not elsewhere classified: $234.7 million

9. Centrifuges, filters, and purifiers: $227 million

10. Valves, and comparable equipment: $218.2 million

Bangladesh’s top 10 import partners

According to data from Bangladesh's customs shipments, and import data for 2021, Bangladesh’s top 10 import partners are:

1. China (24.58%)

2. India (14.85%)

3. Singapore (5.47%)

4. Indonesia (5.01%)

5. Malaysia (4.24%)

6. Japan (3.63%)

7. Brazil (3.38%)

8. Saudi Arabia (3.32%)

9. The United Arab Emirates (3.23%)

10. The United States of America (3.1%)

The largest trading partners of Bangladesh imported goods worth a total of $42.62 billion.

Conclusion

Bangladesh's top 10 imports highlight the diverse range of goods that contribute to the country's growth and development. From cotton and related products for the textile industry to machinery, petroleum products, and various other commodities, these imports play a vital role in sustaining Bangladesh's economic progress. Understanding Bangladesh's import-export data, import trends, and import partners is crucial for stakeholders in Bangladesh's trade landscape, allowing them to make informed decisions and forge valuable business collaborations.