Bangladesh Import and Export Details 2023

Bangladesh is in the Bay of Bengal towards the east of India; this South Asian country is home to an abundance of lush greenery and many waterways. The average land area of the country is on the river deltas from the Himalayan ranges and is home to the mangrove forest Sunder bans. The South Asian nation had a population of 164 million making it emerge among the top ten most populous countries. Bangladesh was popular for its rich cultural heritage and festivities and was previously known as Banga or Bengal.



The Bangladesh Trade represents that the country depends on the trade of its agricultural products for a growing economy due to the favorable climate and fertile land soil. It used to trade clothing and apparel accounting for 80% of the export trade share. The steadily growing GDP of the country, with a growth rate of 6-7% has achieved a rate of 400 billion US dollars in the year 2023. The import and export trade business of the country has been growing over the past few years and has recorded a value of 120 billion US dollars in the year 2023.

TOP 5 IMPORTS OF BANGLADESH IN 2023

Bangladesh used to import products from different nations to stabilize domestic needs. The top 5 imports of the country in the year 2023 are as follows,

• Petroleum products (HS code – 27) – The increasing number of industries in the country demand high amounts of petroleum products and fuels because they play an essential role in energy generation. The country has imported products worth 12 billion US dollars in the year 2023.

• Machinery and mechanical appliances (HS code – 84) – To evolve with the upcoming trends and to make the country more tech-specified, more machinery and mechanical appliances are required. The total amount of machinery and mechanical appliances imported in 2023 is 9 billion US dollars.

• Electrical machinery and equipment (HS code – 85) – Generators, transformers, and electric motor-like equipment are required in different sectors ranging from industries to households. In the year 2023, for the increased domestic requirements of the country around 7 billion worth of electrical machinery are imported.

• Iron and steel products (HS code – 72) – There is no doubt that the major share of the economic growth of the country is dependent on the industrial sectors, where iron and steel products are required in a massive amount. The total trade value of the iron and steel imported in 2023 is 6 billion US dollars.

• Beverages (HS code – 22) – Beverages are also among the top imports of Bangladesh, with a value of 5 billion US dollars in the year 2023.

TOP 5 IMPORT DESTINATIONS OF BANGLADESH 2023

The Bangladesh Import Data has enlisted the below-mentioned countries as the top 5 import trade partners,

• China – This Asian nation, with its vast amount of resources dominates all the other countries and tops the list of Bangladesh's top import partners. Machinery, electronics, and textiles along with iron and steel products are imported by Bangladesh from China; the total trade value of these products has come out to be 23 billion US dollars in 2023.

• India – This neighboring country of Bangladesh holds the second position mainly because of the geographical proximities and cultural similarities. Pharmaceuticals, chemicals, and agricultural products imported from India worth 12 billion US dollars in 2023.

• Sigapore – Singapore is a gateway of Bangladesh's trade with the Southeast Asian countries. Bangladesh used to import products like chemical products, textiles and clothing, and mechanical equipment worth 6 billion US dollars.

• Japan – The products imported from Japan include machinery, vehicles, and metal products like iron and steel, the total worth of such imported products in 2023 is recorded as 4 billion US dollars.

• South Korea - South Korea comes in the top 5th position of the import destinations of Bangladesh. Products like electronics, automobiles, and chemical products have recorded a value of 3 billion US dollars.

TOP 5 EXPORTS OF BANGLADESH IN 2023

As per the Bangladesh Customs Data, the top 5 products that are exported from the South Asian nation are below,

• Garments and textiles (HS code – 62) – The cloth and garments manufacturing industries of the nation have been growing rapidly for many years working as the backbone of global trade. In the year 2023, the nation has exported garments and textiles worth 30 billion US dollars.

• Seafood (HS code – 03) – Bangladesh has been producing an abundance of seafood for many years because of the coastline, with the Bay of Bengal recording its name among the top seafood producers globally. The total trade value of the exported seafood products in the year 2023 has accounted for 6 billion US dollars.

• Jute and jute goods (HS code – 53) – Each year Bangladesh exports lots of jute and jute goods because of its high production in the nation. The total amount of jute goods exported in the year 2023 by the nation has accounted for 3 billion US dollars.

• Leather goods (HS code – 42) – Leather material and its products are in high global demand; Bangladesh exported leather products worth 700 million in the year 2023.

• Pharmaceuticals (HS code – 29) – The medical and healthcare industries of the South Asian nation used to produce an abundance of pharmaceuticals and medical products. The total export value of the pharmaceuticals in the year 2023 has accounted for 500 million US dollars.

TOP 5 EXPORT DESTINATIONS OF BANGLADESH

The Bangladesh Export Data has enlisted the below-mentioned 5 countries as the top 5 export partners of Bangladesh,

• United States – The largest economies of the world import products like pharmaceuticals, garments, and leather goods from Bangladesh worth 7 billion US dollars.

• Germany – Germany is a significant trade partner of the South Asian nation, jute goods, leather goods, and frozen seafood are the top exported products which have accounted for an export trade value of 5 billion US dollars in the year 2023.

• United Kingdom – The United Kingdom holds the third position of Bangladesh's top export destinations with an export trade value of 4 billion US dollars. The top exported products include knitwear and garments.

• France – The 2023 export value of the products exported from Bangladesh to Japan has accounted for 2 billion US dollars with top products like footwear and textiles.

• Hong Kong – The trade value of exported products from Bangladesh to Hong Kong in the year 2023 has accounted for 1.5 billion US dollars.

Comments

Post a Comment

Popular posts from this blog

Import and Export Procedures in Vietnam 2023

Import Procedures in Vietnam: Import License: Some goods require an import license issued by the relevant authorities in Vietnam. Importers should check whether their products fall under this category. Customs Declaration: Importers must complete customs declarations accurately and submit them along with supporting documents to customs authorities. Vietnam Import Data Customs Clearance: Imported goods must undergo customs clearance procedures, which include inspection, assessment of duties and taxes, and compliance verification. Payment of Duties and Taxes: Importers are responsible for paying import duties, taxes, and other applicable fees based on the classification and value of the imported goods. Documentation: Required documents for importation typically include commercial invoices, packing lists, bill of lading or airway bills, import permits or licenses (if applicable), and certificates of origin. Export Procedures in Vietnam: Export Registration: Some products may require ex...
Read more

Russia Import Export Statistics 2023

  Russia's trade activities were significant, with both exports and imports playing crucial roles in its economy. Here's a general overview: Exports: Energy Resources: Russia is renowned for its vast energy resources, particularly oil and natural gas. These resources constitute a substantial portion of Russia's export revenue. Russia Export Data Minerals and Metals: Russia also exports various minerals and metals, including iron ore, coal, aluminum, and copper. Arms and Military Equipment: The country is a significant exporter of arms and military equipment to various countries around the world. Agricultural Products: Russia exports agricultural commodities such as wheat, barley, and other grains. Imports: Machinery: Russia imports machinery and equipment for industrial purposes, including machinery for manufacturing and infrastructure development. Russia Import Data Consumer Goods: Like many countries, Russia imports various consumer goods such as electronics, clothi...
Read more

Importance of Turkey Import Export in Trade Data Business

Are you planning to do trade business with Turkey? If so, it is very important to know the trade dynamics of the country so that you can make informed business decisions. Here comes the need of Turkey Global Import Export Data details on real-time basis for successful international trade expansion. Turkey Import Data is collected of statistical information about each company’s business activities. It is based on the shipping bills, import bills, invoices and other import export documents. The data provides a bird’s eye view of the commodities that are imported or exported in Turkey. The Turkey import and export data contains information about price, HS code, importers’ details, exporters’ details, custom data, shipment data, competitors’ data, product description and quantity. Know the importance of Turkey import export data 1. The authentic and real-time import export data is used to estimate the consumption pattern of Turkey. The businesses can predict the local demand of commoditi...
Read more