Bangladesh is located in Southern Asia, bordering the Bay of Bengal between Myanmar and India. The country has experienced great economic growth in recent years mainly driven by exports of readymade garments and remittances from migrant workers.

The country is diversifying its exports base in terms of products and destinations while tapping into its vibrant private sector and large pool of inexpensive labour.

Bangladesh is the 46th largest goods trading partner with $9 billion in total goods trade during 2019. As per Bangladesh Export Data, the top export categories of exports were aircraft, miscellaneous grains, seeds, fruit, cotton, iron and steel, and machinery.

The country has pursued export-oriented industrialization with its key export sectors that include shipbuilding, fish and seafood, jute and leather goods. The country is the second biggest apparel exporter after China. Garments including knit-wear and hosiery accounts for 80% of export revenue, others include jute goods, home textiles, footwear and frozen shrimps and fish.

The country was ranked number 52 in total exports and the major exporting partners are United States, Germany, United Kingdom, Spain and France. The country has been an economic miracle in South Asia with its unprecedented transformation over the past decade.

The country has emerged as a dominant exporter as its outbound shipments posted an impressive compounded annual growth rate CAGR of 8.65 during 2011-2019, compared to 0.9% for India and 0.4% for the world.

The country’s share of world exports has increased from 0.1% in 2011 to 0.3% in 2019. The top 5 export commodities include textiles, apparels and footwear, accounts for more than 90% of the total exports.

As per Bangladesh Import Data, the country imported $55.56B making it the number 47 trade destination all across the globe. The major imports are refined petroleum, raw cotton, petroleum gas, heavy pure woven cotton, and scrap iron.

The most common import partners are China, India, Singapore, Malaysia and Indonesia. The imports of the country have increased to 526.75 BDT billion in October from 518.56 BDT billion in September of 2021.

The country has planned to import hydropower from Bhutan and Nepal as about 56% of the country’s commercial energy is generated by natural gas, followed by oil, hydropower, and coal. As per Bangladesh Custom data, the country is highly dependent on imports from its neighboring countries including China and India.

The country’s total imports have been on rise since last 5 years. The country imported cereals the most in 2020 for meeting domestic needs due to ongoing Covid-19 pandemic.

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