Bangladesh Trade Data: Key Insights of the Import and Export Market

 The South Asian nation Bangladesh has been leading the global export market with its tremendous variations of government exports. Import Globals emphasizes the detailed key insights of Bangladesh exports to help you make decisions based on the latest market trends with its Bangladesh Trade Data.



OVERVIEW OF THE ECONOMY OF BANGLADESH

Bangladesh spread over 147,573 square kilometers bordered by India and Myanmar in the West and East direction has been leading the global export market list with diversification of exports in the current year. The GDP of the nation has started to rise by an annual CAGR of 7.9% from 2019 onwards worth a value of 397 billion US dollars in 2023, this rapid increase in the GDP value of the nation has made the country record a rank of 41st largest economy of the world. The robust manufacturing sector of the nation holds an annual trade share of eighty percent of the growing GDP whereas the textile and apparel industry accounts for around 18% share in 2023. The modernization of the agricultural farming industries and the increasing interest of the government authorities have made agro goods a crucial player of the leading economy with an annual trade share of 15% in the GDP with an employment rate of half of the total population residing in the nation.

The competitive labor cost of the industrial sectors and the agreement signed with the top trading authorities like Europe, Japan, Australia, and Canada for tax reduction and facilitation of transported goods over the Seas have led to a growth rate of the GDP value by 7% in 2023 with a staggering rate of 423 billion US dollars.

KEY INSIGHTS OF THE IMPORT AND IMPORT TRADE PARTNERS

The lack of efficient production capability in the industrial sectors of Bangladesh and its dependency on foreign imported products due to the increasing consumer rates and the hike in the industrial requirements are the reasons behind the growing import trade rate of the nation. Despite the continuous government efforts, the import market of the nation has been facing severe challenges due to Inadequate infrastructure of the transportation ports leading to delayed shipments to the destination estates.

As part of a detailed analysis of the Bangladesh Import Data petroleum products, textiles, machinery, iron and steel, and electronics dominate the top imported products of the nation in 2023 with an annual import rate value of 6 billion US dollars, 4 billion US dollars, 2 billion US dollars, 1 billion US dollars and 900 million US dollars in 2023. The competitive pricing strategies offered to the foreign investors have recorded China, India, Singapore, Malaysia, and the United Arab Emirates as the top import destinations of the nation worth an annual import trade revenue of 16 billion US dollars, 8 billion US dollars, 6 billion US dollars, 5 billion US dollars and 4 billion US dollars in 2023.

KEY INSIGHTS OF THE EXPORT AND EXPORT TRADE PARTNERS

The export trade market of Bangladesh mainly driven by the textiles and clothing industries with an annual revenue share of 76% has been recording severe trade growths in its global rank via increasing productivity rates. In addition to the garment industries, several other sectors like machinery agricultural, and electrical industries contribute to the total annual GDP of Bangladesh in 2023.

According to the Bangladesh Export Data garments, textiles, agricultural products, leather goods, and pharmaceuticals dominate the top exported products of the nation with an annual export trade value of 44 billion U S dollars, 9 billion U S dollars, 7 billion US dollars, 2 billion US dollars and 1.5 billion US dollars in 2023. United States, Germany, United Kingdom France, and Spain lead the export trade destinations of Bangladesh in 2023 with an annual export trade revenue of 9 billion US dollars, 6 billion US dollars, 5 billion US dollars, 4 billion US dollars, and 3.5 billion US dollars. The introduction of different government policies towards the modernization of the manufacturing sectors and the transportation ports has been on its way to record a significant hike in the growing global trade rank in the upcoming years.

SIGNIFICANT IMPACT OF THE AGRICULTURAL SECTOR ON THE ECONOMY OF BANGLADESH

The Bangladesh Customs Data says that the country rich in traditions and religious enthusiasm have been facilitating its trade rates by the agricultural sector with a significant contribution over the years. Agricultural sectors employ almost half of the total population of Bangladesh and hold an annual share of around 20% of GDP in 2023. The increasing fertility of the land area of Bangladesh and the mid-arid climate nurturing the soil Content for improving the production efficacy of agricultural goods along with the modernization of the manufacturing units is recording a significant hike in the farming sectors share in the annual export value.

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