Bangladesh imported a projected 46.4 billion dollars worth of commodities from all around the world in 2021, increasing 7.8 percent from 2016 but falling by minus 19.7 percent from 2019 to 2020.
Processed petroleum oils, raw cotton, wheat, mobile phones, and iron or steel waste were the top five products imported into Bangladesh in 2020.
These large imports account for 16 percent of all products imported into Bangladesh.
The Bangladeshi taka has depreciated by minus 8.2 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has fallen by minus 0.5 percent from 2019 to 2020.
Because Bangladesh’s local currency is weaker, goods paid in stronger US dollars are relatively more expensive when converted from the Bangladeshi taka.
Given Bangladesh’s population of 164.7 million people, the country’s total imports of 46.4 billion dollars in 2021 equate to roughly 280 dollars in annual product demand for each person in the densely populated South Asian country.
Bangladesh’s Top Imports
These product classes will account for the majority of Bangladesh’s import purchases in 2020.
The percentage share of each product category in terms of total imports into Bangladesh is also indicated.
Cotton: with 4.9 billion dollars accounts for 10.5 percent of total imports
Machinery including computers accounts for 4.8 billion dollars which stands at 10.3 percent
Mineral fuels including oil: With 3.6 billion dollars accounts for 7.9 percent
Electrical machinery, and equipment accounts for 3.3 billion dollars standing at 7.1 percent
Iron, and steel stands at 2.4 billion dollars which is equivalent to 5.2 percent
Plastics, plastic articles account for 2 billion dollars which is equivalent to 4.4 percent
Cereals account for 1.7 billion dollars which is 3.7 percent
Animal/vegetable fats, oils, and waxes stands at 1.3 billion equivalent to 2.9 percent
Knit or crochet fabric accounts for 1.34 billion dollars which is 2.9 percent
Manmade staple fibers: with 33 billion dollars accounts for 2.9 percent
Bangladesh’s top ten imports account for about three-fifths or 57.7 percent of the country’s total product purchases from other countries.
For the main product categories mentioned earlier, there were two advancements from 2019 to 2021.
Animal or vegetable fats, oils, and waxes imported into Bangladesh increased in price by 3.4 percent.
Imported cereals increased by 2.2 percent year over year, owing to increasing maize purchase expenses.
Mineral fuels, including oil, led the annual decreases among the top 10 Bangladeshi imports with a minus 40.9 percent dip, followed by imported synthetic staple fibers with a 25 percent drop and cotton imports with a minus 24.8 percent slowdown.
Bangladesh’s Top Exports
The People’s Republic of Bangladesh, a South Asian republic neighboring economic powerhouses India and China, exported an estimated 41.3 billion dollars worth of commodities around the world in 2021.
This figure represents an increase of 8.4 percent from 2016, but a decrease of minus 11.9 percent from 2019 to 2020.
The Bangladeshi taka has depreciated by minus 8.2 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has fallen by minus 0.5 percent from 2019 to 2021.
Bangladesh’s exports paid for in stronger US dollars are substantially less expensive for overseas purchasers due to the weaker local currency.
The majority of Bangladesh’s exports are concentrated.
85.4 percent of total exports from the densely populated Asian nation came from clothing or accessories, whether knitted or crocheted.
Bangladesh’s entire 41.3 billion dollars in 2020 exports equates to nearly 250 dollars for every inhabitant of the South Asian country, based on the country’s 164.7 million people.
The following export product groupings have the largest dollar value in global shipments from Bangladesh in 2020.
The percentage share of each export category in terms of total exports from Bangladesh is also shown here.
Knit or crochet clothing, and accessories account for 18.7 billion dollars accounting for 45.2 percent of total exports
Clothing, and accessories account for 16.6 billion dollars which represents 40.2 percent
Miscellaneous textiles, and worn clothing account for 1.2 billion dollars which stands at 2.8 percent
Footwear: with 998.9 million dollars stands at 2.4 percent
Paper yarn, and woven fabric account for 728.8 million dollars representing 1.8 percent
Fish account for 461.8 million dollars representing 1.1 percent
Leather or animal gut articles: 305.4 million dollars account for 0.7 percent
Headgear: 288.6 million dollars accounts for 0.7 percent
Animal/vegetable fats, oils, and waxes accounts for 139.7 million dollars representing 0.3 percent
Feathers, artificial flowers, and hair accounts for 133.9 million dollars representing 0.3 percent
Bangladesh’s top ten exports are primarily apparel-related, accounting for 95.6 percent of the total value of the country’s global shipments.
Animal or vegetable fats, oils, and waxes are the fastest-growing export category among the top ten, with a 37.2 percent increase from 2019 to 2020.
Feathers, artificial flowers, and hair came in second with a 22.9 percent increase in export sales.
Bangladesh’s shipments of miscellaneous textiles, such as used garments, grew at the third-fastest rate, increasing by 10 percent yearly.
Articles of clothing made of leather or animal gut, which fell by minus 19.1 percent year over year, were the largest decliner among Bangladesh’s top 10 export categories.
Knitted or crocheted t-shirts and vests with 14 percent, unknitted and non-crocheted men’s suits including trousers with 13.9 percent, knitted or crocheted jerseys or pullovers with 12 percent, unknitted and non-crocheted women’s clothing with 11.3, percent knitted or crocheted women’s clothing with 5.9 percent unknitted and crocheted men’s shirts with 4.5 percent, unknitted and crocheted had 2.1 percent.
Bangladesh’s total exported goods account for 4.3 percent of the country’s overall Gross Domestic Product which stands at 966.5 billion dollars in Purchasing Power Parity US dollars as of 2021.
In PPP terms, exports will account for 4.3 percent of the overall GDP in 2020, compared to 5.5 percent in 2020.
Those percentages imply that Bangladesh’s entire economic performance is becoming less reliant on products sold on international markets, albeit over a short period.
The unemployment rate of a country is another important economic statistic.
Bangladesh’s average jobless rate was 5.3 percent in 2020.
According to Trading Economics, this number is up from 4.2 percent a year ago.
Dhaka, historically known as Dacca, is Bangladesh’s capital city and the country’s largest metropolis by population and area.