The country has recently achieved total export earnings of 70 billion US dollars with a 12.84% increase from the previous year. Readymade Garments is among the top exported communities with over 60% of the total export share, among which Knitwear and Woven Garments are the huge contributors with 40% of the share in the readymade Garments export. Bangladesh's economy was mainly based on merchandise exports with an average share of 76% while there is no specific report available on the service export till date.

Both the import and export trade dynamics reflect the significant trade deficit, with total imports amounting to approximately 52 billion US dollars in 2024. The disparity between imports and exports resulted in a trade deficit of approximately 20 billion US dollars. This shows that the country has crucially evolved itself to reduce the lines over the falling imported goods. The annual revenue share of the merchandise import is around 68%, while service import in the case of Bangladesh is still not available yet.

Overview of the Import and Export Market of Bangladesh in 2024

The Key Exports of Bangladesh in 2024

Bangladesh to expand its global services worldwide has established itself as a leading exporter. The latest pricing strategies adopted and the technological evolution of the transportation infrastructure have been fostering the annual valuation. According to the Bangladesh Export Data, the top 10 exported products from the nation in 2024 are,

1. Ready-Made Garments - Export valuation - 42 billion US dollars; Annual trade share - 60%

2. Pharmaceutical Products - Export valuation - 9 billion US dollars; Annual trade share - 10%

3. Jute and Jute Goods - Export valuation - 6 billion US dollars; Annual trade share - 7%

4. Leather Goods - Export valuation - 5 billion US dollars; Annual trade share - 6%

5. Seafood - Export valuation - 1 billion US dollars; Annual trade share - 5%

6. Frozen Foods - Export valuation - 600 million US dollars; Annual trade share - 2.5%

7. Agricultural Products - Export valuation - 500 million US dollars; Annual trade share - 2%

8. Electronic Products - Export valuation - 280 million US dollars; Annual trade share - 1.5%

9. Tea - Export Valuation - 176 million US dollars; Annual trade share - 1.2%

10. Footwear - Export valuation - 100 million US dollars; Annual trade share - 1%

Bangladesh Export Overview of Goods: Last 5 Years (USD)

The Key Export Partners of Bangladesh in 2024

The export landscape of Bangladesh was shaped by a crucial contribution from top trade partners. The United States remained the topmost destination with 34% of total exports, mainly driven by ready-made garments. According to the Bangladesh Trade Data, the top 10 export trade partners of the nation in 2024 are,

1. United States - According to the USA Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 28 billion US dollars.

2. Germany - According to the Germany Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 12 billion US dollars.

3. United Kingdom - According to the United Kingdom Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 9 billion US dollars.

4. France - According to the France Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 8 billion US dollars.

5. Spain - According to the Spain Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 7 billion US dollars.

6. Italy - According to the Italy Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 6 billion US dollars.

7. Canada - According to the Canada Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 5 billion US dollars.

8. Netherlands - According to the Netherlands Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 4 billion US dollars.

9. Japan - According to the Japan Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 3 billion US dollars.

10. Belgium - According to the Belgium Import Data, the total valuation of the goods exported from Bangladesh in 2024 - 2 billion US dollars.

Major Imports of Bangladesh in 2024

The import landscape of Bangladesh was mainly due to the country's reliance on foreign equipment for the growing domestic consumption needs. According to the Bangladesh Import Data, the top 10 imported goods of the nation in 2024 are,

1. Petroleum and PPetroleum Products - Import valuation - 32 billion US dollars; Annual import share - 28%

2. Machinery and Equipment - Import valuation - 18 billion US dollars; Annual import share - 20%

3. Iron and Steel - Import valuation - 12 billion US dollars; Annual import share - 16%

4. Electrical Machinery - Import valuation - 10 billion US dollars; Annual import share - 12%

5. Plastics - Import valuation - 8 billion US dollars; Annual import share - 8.15%

6. Organic Chemicals - Import valuation - 6 billion US dollars; Annual import share - 6%

7. Mineral Fuels - Import valuation - 4 billion US dollars; Annual import share - 2.5%

8. Fertilizers - Import valuation - 3 billion US dollars; Annual import share - 2%

9. Pharmaceuticals - Import valuation - 2.5 billion US dollars; Annual import share - 1.5%

10. Paper and Paperboard - Import valuation - 1.7 billion US dollars; Annual import share - 1%

Bangladesh’s Import Overview of Goods: Last 5 Years (USD)

The Top Import Partners of Bangladesh: A Crucial Analysis of the Top Trade Partners

Bangladesh's import trade rate was influenced by the strategic partnership of having proper pricing strategies. The country has started importing more of its domestic consumption acquisitions from regions of closer geographical proximity to avoid value-added tax rates. According to the Bangladesh Customs Data, the top 10 import trade partners of the nation in 2024 are,

1. United States - According to the USA Export Data, the valuation of the goods imported in Bangladesh 2024 - 12 billion US dollars.

2. Germany - According to the Germany Export Data, the valuation of the goods imported in Bangladesh 2024 - 9 billion US dollars.

3. United Kingdom - According to the United Kingdom Export Data, the valuation of the goods imported in Bangladesh 2024 - 8 billion US dollars.

4. France - According to the France Export Data, the valuation of the goods imported in Bangladesh 2024 - 6 billion US dollars.

5. Spain - According to the Spain Export Data, the valuation of the goods imported in Bangladesh 2024 - 5 billion US dollars.

6. Italy - According to the Italy Export Data, the valuation of the goods imported in Bangladesh 2024 - 4 billion US dollars.

7. Canada - According to the Canada Export Data, the valuation of the goods imported in Bangladesh 2024 - 3.7 billion US dollars.

8. Netherlands - According to the Netherlands Export Data, the valuation of the goods imported in Bangladesh 2024 - 2.5 billion US dollars.

9. Belgium - According to the Belgium Export Data, the valuation of the goods imported in Bangladesh 2024 - 1.7 billion US dollars.

10. Japan - According to the Japan Export Data, the valuation of the goods imported in Bangladesh 2024 - 1 billion US dollars.

Government Policies and Agreements Supporting Bangladesh’s Trade in 2024

The Government of Bangladesh has introduced different initiatives in its economy to foster the annual valuation by a crucial positive rate. The implemented initiatives are only regulated to diversify exports to enhance digital commerce and modernize trade structures. As per the Bangladesh Customs Data, the top three initiatives supporting the nation's trade in 2024 are,

1. 2024 - 2027 ( Export Policy) - The export policy 2024-2027 was introduced by the government authorities for the diversification of trade beyond traditional sectors like garments and globally prioritized sectors like pharmaceuticals, medical equipment, vegetables, and handicrafts. The policy is mainly implemented to empower women entrepreneurs supporting small and medium enterprises to promote environmentally sustainable practices.

2. Cross - Border Digital Commerce Policy - The cross-border digital commerce policy was implemented to integrate domestic payment systems according to the globally accepted platform. It was initiated with the purpose of the introduction of a cross-border escrow service in coordination with Bangladesh Bank to ensure secure transactions for foreign trade. It was regulated to provide financial incentives for digital exports to establish digital e-commerce export zones near transportation ports.

3. National Tariff Policy - The national tariff policy implemented by the Government of Bangladesh is to reduce anti-export biases by gradually lowering import tariffs and eliminating minimum import values. The policy has introduced no new cash incentives for a proper maintenance of competitiveness in the global market, with plans to withdraw regulatory and supplementary duties on numerous import items.

Conclusion - The Bangladesh trade data demonstrated its resilient impact on the foreign trade risks available through strategic reforms and forward-looking policies. Import Globals provides all the shipment details regarding the implemented tariff modernization data for more information on sustainable trade of the latest regulatory shipments.

FAQ'S

Que. What is the export trade value of Bangladesh in 2024?
Ans. The export trade value of Bangladesh in 2024 is 70 billion US dollars.

Que. What is the import trade value of Bangladesh in 2024?
Ans. The import trade value of Bangladesh in 2024 is 52 billion US dollars.

Que. What is the top exported commodity of Bangladesh in 2024?
Ans. Readymade garments are the top exported commodity of Bangladesh in 2024.

Que. What is the top imported commodity of Bangladesh in 2024?
Ans. Petroleum products are the top imported commodity of Bangladesh in 2024.

Que. Where can you get a detailed trade analysis of the Bangladesh Trade of 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the Bangladesh Trade of 2024.

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