Mineral Fuels Import of Bangladesh: A Strategic Overview of the Trade Analysis of 2024

Bangladesh is at present a leading importer of mineral fuels. The country has ranked 44th in the international trade market due to the wide range of mineral fuel imports. High sulfur fuel oil and liquefied natural gas dominate the top imported category by a revenue share of 12.87% and 9% in 2024. Bangladesh Export Data says different energy subsidy policies and diversification efforts by the government authorities have been fueling up the revenue rate.

The rising disposable incomes of the domestic population and the increase in the middle-class population have been recording a rise in mineral fuel imports. All these attributing factors have resulted in an import trade value of mineral fuels worth 18 billion US dollars in 2024. Import Globals with its Bangladesh trade data gives a detailed analysis of the overall valuation of mineral fuels imported into the nation from the top exporters to cater to the needs of the business owners regarding the specific trade investment in different services.

GOVERNMENT INITIATIVES SUPPORTING THE IMPORT OF MINERAL FUELS IN BANGLADESH 2024

The government authorities of Bangladesh have been continuously implementing several initiatives to counter the import trade rate of the nation positively. The G2G refined fuel oil import i.e. the government-to-government exchange of goods has approved the import of several million tons of refined fuel oil via direct G2G agreement. The single LNG cargo procurement by the government has approved the purchase of one LNG cargo under public tender, fueling up the revenue rate.

The World Bank-backed dollar 350 million loan guarantee for LNG imports has facilitated the cost of financing LNG imports. The proper bilateral trade relationship with the India Friendship Pipeline project, which has been operational since March 2023, is at its peak stage at present, delivering 200,000 to 1,000,000 tons per year of diesel.

THE TOP 10 VARIANTS OF MINERAL FUELS IMPORTED INTO BANGLADESH IN 2024

Bangladesh has recorded more diversity in global imports due to the increase in consumer-based demands. As per the Bangladesh Import Data, the top 10 leading variants of mineral fuels imported in the nation in 2024 are,

  1. Petroleum oils — The annual import trade value of Petroleum oils imported in Bangladesh in 2024–3.8 billion US dollars
  2. Kerosene — The annual import trade value of Kerosene imported in Bangladesh in 2024–2.8 billion US dollars
  3. LNG — The annual import trade value of LNG imported in Bangladesh in 2024–1.98 billion US dollars
  4. Petroleum coke– The annual import trade value of Petroleum coke imported in Bangladesh in 2024–1.02 billion US dollars
  5. Coal — The annual import trade value of Coal imported in Bangladesh in 2024–889 million US dollars
  6. Peat — The annual import trade value of Peat imported in Bangladesh in 2024–765 million US dollars
  7. Mineral waxes — The annual import trade value of Mineral waxes imported in Bangladesh in 2024–587 million US dollars
  8. Lubricating oils– The annual import trade value of Lubricating oils imported in Bangladesh in 2024–489 million US dollars
  9. Bituminous mixtures– The annual import trade value of Bituminous mixtures imported in Bangladesh in 2024–378 million US dollars
  10. Petroleum gases — The annual import trade value of Petroleum gases imported in Bangladesh in 2024 –287 million US dollars

TOP 10 IMPORT TRADE PARTNERS OF BANGLADESH IN 2024

The country has maintained proper stability with import and export traders worldwide, which fuels the revenue rate steadily. According to the Bangladesh Customs Data, the top 10 trade partners of the nation in 2024 are,

  • China — The total valuation of mineral fuels imported in Bangladesh from China in 2024–4.5 billion US dollars

Top 5 variants of mineral fuels imported

1. Light crude oil

2. Medium crude oil

3. Heavy crude oil

4. Sweet crude oil

5. Sour crude oil

  • India — The total valuation of mineral fuels imported in Bangladesh from India in 2024–3.2 billion US dollars

Top 5 variants of mineral fuels imported

1. Brent crude oil

2. West Texas Intermediate (WTI) crude

3. Arabian Light crude

4. Murban crude oil

5. Bonny Light crude

  • Qatar — The total valuation of mineral fuels imported in Bangladesh from Qatar in 2024–2.8 billion US dollars

Top 5 variants of mineral fuels imported

1. Gasoline (regular)

2. Gasoline (premium)

3. Gasoline blendstock

4. Naphtha

5. Aviation turbine fuel (Jet A1)

  • Saudi Arabia — The total valuation of mineral fuels imported in Bangladesh from Saudi Arabia in 2024–1.89 billion US dollars

Top 5 variants of mineral fuels imported

1. Kerosene

2. Illuminating kerosene

3. Gas oil (diesel)

4. Marine gas oil (MGO)

5. Marine fuel oil (MFO)

  • Indonesia — The total valuation of mineral fuels imported in Bangladesh from Indonesia in 2024–1.25 billion US dollars

Top 5 variants of mineral fuels imported

1. Residual fuel oil

2. Fuel oil №2

3. Fuel oil №6 (bunker fuel)

4. White spirit

5. Mineral turpentine

  • Japan — The total valuation of mineral fuels imported in Bangladesh from Japan in 2024–898 million US dollars

Top 5 variants of mineral fuels imported

1. Transformer oil

2. Base oil

3. Lubricating oil (engine oil)

4. Hydraulic oil

5. Gear oil

  • South Korea — The total valuation of mineral fuels imported in Bangladesh from South Korea in 2024–765 million US dollars

Top 5 variants of mineral fuels imported

1. Propane

2. Butane

3. Isobutane

4. Ethane

5. Methane

  • Malaysia — The total valuation of mineral fuels imported in Bangladesh from Malaysia in 2024–456 million US dollars

Top 5 variants of mineral fuels imported

1. Anthracite coal

2. Bituminous coal

3. Sub-bituminous coal

4. Lignite (brown coal)

5. Steam coal

  • Singapore– The total valuation of mineral fuels imported in Bangladesh from Singapore in 2024–354 million US dollars

Top 5 variants of mineral fuels imported\

1. Coking coal

2. Metallurgical coal

3. Pulverized coal

4. Coal briquettes

5. Coke (from coal)

  • Thailand — The total valuation of mineral fuels imported in Bangladesh from Thailand in 2024–278 million US dollars

Top 5 variants of mineral fuels imported

1. Semi-coke

2. Petroleum coke (pet coke)

3. Needle coke

4. Foundry coke

5. Gas coke

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