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Bangladesh has great consumer market potential and abundant labor resources, and the garment manufacturing industry is a pillar industry of its economy.
On March 10, 2024, the Bangladesh Bank issued guidelines for countertrade procedures. From now on, Bangladeshi traders can voluntarily enter into countertrade arrangements with foreign merchants to offset import payments with goods exported from Bangladesh, without the need to pay in foreign currencies. This system will facilitate trade with new markets and reduce foreign exchange pressures.
Export trade:
Currently, Bangladesh stands as the world's second-largest exporter of ready-made garments, following China. The textile and garment industry contributes 13% to Bangladesh's GDP. In the fiscal year 2022-2023, ready-made garment exports comprised 84.6% of Bangladesh's total exports. Dhaka, the capital, and Chittagong, the largest port city, host the majority of Bangladesh's garment enterprises. The Dhaka Export Processing Zone and the Chittagong Export Processing Zone stand as the country's earliest and largest export processing zones. Data from the Bangladesh Export Processing Zones Authority indicates that, in the fiscal year 2022-2023, the Chittagong Export Processing Zone's export volume exceeded US$2.4 billion, attracting an investment of US$86.63 million, while the Dhaka Export Processing Zone's export volume exceeded US$1.8 billion, attracting an investment of US$605.7 million.
From July 2023 to March 2024, Bangladesh's exports increased by 4.39% year-on-year, reaching US$43.55 billion. It is anticipated that in the fiscal year 2023-2024 (from July 2023 to June 2024), Bangladesh's exports will reach US$62 billion. In January 2024, Bangladesh's total exports amounted to US$3,403.6 million, up from US$2,878.2 million in December 2023.
Import trade:
In December 2023, Bangladesh relaxed regulations on the import of industrial raw materials and extended the forward payment period by six months to June 2024, compared to the previous deadline of December 2023.
Bangladesh's total imports amounted to US$5,635.1 million in January 2024, marking a 15.2% increase compared to US$4,953.6 million in December 2023.
As the world's largest cotton importer, Bangladesh is expected to import 8 million bales of raw cotton from global suppliers in the 2024-25 marketing year, representing a 6.7% increase from the previous year. The price of cotton reached BDT 31,674,000 million in February 2024, up from BDT 29,367,000 million in January 2024. Among the sources of Bangladesh's cotton imports in the first seven months of 2023/24, West Africa has the largest share at 35%, followed by India at 22%, Brazil at 14%, and the United States at 11%.
The value of petroleum products totaled BDT 55,736.000 million in February 2024, a decrease from BDT 86,491.000 million in January 2024.
Capital machinery reached BDT 20,486.000 million in February 2024, down from BDT 27,513.000 million in January 2024.
Textiles and related products amounted to BDT 48,679.000 million in February 2024, down from BDT 52,007.000 million in January 2024.
Yarn reached BDT 26,351.000 million in February 2024, down from BDT 27,886.000 million in January 2024.
Transportation situation in Bangladesh:
Air Transportation: Bangladesh currently boasts 3 international airports and 7 domestic airports.
Water Transportation: In fiscal year 2023, the throughput of Mongla Port was 1.289 million tons, reflecting an 11.5% year-on-year increase. Chittagong Port, the largest port in Bangladesh, handled a cargo volume of 118.2 tons in fiscal year 2023, followed by Mongla Port at 107,000 tons.
Blooming Trade Data provides continuously updated Bangladesh trade data on a monthly basis, encompassing import and export data. This data primarily covers buyers, suppliers, freight forwarding companies, contact information, transaction quantities, weights, contract amounts, etc.
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