Detailed Analysis of Bangladesh Trade

A rising economy in South Asia, Bangladesh is a culturally diverged nation of the continent following the ethnicity of the Bengali tradition and culture. The country falls in the Bengal Delta and holds a population of 163 million which records its name in the 8th most populous countries of the world. The country is landlocked by India in the majority of its borders and holds a land area of 147,570 square kilometers. Bangladesh is also considered a mega-diverse region because of its rich biodiversity hotspot, the abundance of lush greeneries and wildlife conservation of the site influences the boosting rate of the trade sectors.

 

Apart from its enchanting geographical review, the interesting fact about the culturally diverged nation is its trade sectors. The country has been continuously boosting its limited production capabilities over the past few years to record exponential growth in its economy. Along with the increased government initiatives in consumer consumption accompanying the finance rates, the nation has recorded a GDP of 390 billion US dollars in 2023 with a significant growth rate of 7% from the past years. The rapidly developing industrial sectors are keeping the trade rates balanced to stabilize the economy.

 

TOP TRADED COMMODITIES OF BANGLADESH

 

Ranging from garments and textiles to agricultural products and machinery, Bangladesh right now is focusing more on the export trade products to generate huge amounts of annual trade revenue which can record positive growth in the economy. As per the Bangladesh Customs Data, the top 10 imports and export traded commodities of the nation with trade values of 2023 are discussed below,

IMPORTS

• (HS code - 27)Petroleum products – The annual revenue generated by the import trade of Petroleum products 2023 – 6 billion US dollars
• (HS code - 59)Textiles– The annual revenue generated by the import trade of Textiles 2023 – 4 billion US dollars
• (HS code - 84)Machinery – The annual revenue generated by the import trade of Machinery 2023 – 2 billion US dollars
• (HS code - 72)Iron and steel– The annual revenue generated by the import trade of )Iron and steel 2023 – 1 billion US dollars
• (HS code - 96)Electronics– The annual revenue generated by the import trade of Electronics 2023 – 1 billion US dollars
• (HS code - 29)Chemicals– The annual revenue generated by the import trade of Chemicals 2023 – 800 million US dollars
• (HS code - 95)Plastics– The annual revenue generated by the import trade of Plastics 2023 – 700 million US dollars
• (HS code - 15)Vegetable Oils– The annual revenue generated by the import trade of Vegetable Oils 2023 – 600 million US dollars
• (HS code - 48)Paper and paperboard– The annual revenue generated by the import trade of Paper and paperboard 2023 – 500 million US dollars
• (HS code - 31)Fertilizers– The annual revenue generated by the import trade of Fertilizers 2023 – 400 million US dollars

EXPORTS

• (HS code - 62)Garments – The annual revenue generated by the export trade of Garments 2023 – 44 billion US dollars
• (HS code - 59)Textiles– The annual revenue generated by the export trade of Textiles 2023 – 9 billion US dollars
• (HS code - 84)Agricultural products– The annual revenue generated by the export trade of Agricultural products 2023 – 7 billion US dollars
• (HS code - 42)Leather goods– The annual revenue generated by the export trade of Leather goods 2023 – 2 billion US dollars
• (HS code - 29)Pharmaceuticals– The annual revenue generated by the export trade of Pharmaceuticals 2023 – 1.5 billion US dollars
• (HS code - 03)Frozen fish and seafood– The annual revenue generated by the export trade of Frozen fish and seafood 2023 – 1.2 billion US dollars
• (HS code - 29)Chemicals– The annual revenue generated by the export trade of Chemicals 2023 – 1 billion US dollars
• (HS code - 85)Electronic goods– The annual revenue generated by the export trade of Electronic goods 2023 – 900 million US dollars
• (HS code - 64)Leather footwear– The annual revenue generated by the export trade of Leather footwear 2023 – 800 million US dollars
• (HS code - 69)Ceramic products– The annual revenue generated by the export trade of Ceramic products 2023 – 600 million US dollars

TOP 5 FASCINATING FACTS OF BANGLADESH TRADES

The globally expanding trade of Bangladesh is continuously evolving its trade rates to counter the economy of the nation to a positive extent. The industries are boosting their production rates by rapid involvement of technologies and agricultural trades are also expanding because of the higher cultivation rates. As per the Bangladesh Trade Data, the top 5 fascinating facts of the Bangladesh trade across the globe are discussed below,

 

• Dominating Garments Industry – The globally thriving economy of Bangladesh has been inducing different types of products in its trades to counter the economy of the nation to a positive extent. The country is right now one of the top exporters of garments across the globe with a global trade rate of 44 billion US dollars in 2023.

 

• Focus on Diversification – The continuously increasing demands of Bangladesh exported products across the globe are indulging the trade management authorities to induce a plethora of ranges in the exports of Bangladesh says the Bangladesh Export Data.

 

• Regional Trade Partnerships – To boost the trade rate even more to get a rank among the top traders across the globe. Bangladesh trade management authorities are focusing on trade with different traders by the agreements with FTA’s and eliminating trade barriers for free transportation of goods.

 

• Expanding Infrastructure – For the sake of better trade rates the government authorities are focusing on developing the infrastructure of the transport supporting commodities like ports and highways says the Bangladesh Import Data.
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  E-commerce trades – This is one of the significant factors boosting the economy of the nation for impressive revenue generation, the trade authorities have built up their export businesses over different e-commerce platforms to reach customers across the globe. With multiple efforts for economic growth Bangladesh is continuously evolving as a top trader.