Bangladesh Import Data
02-Aug-2023
Bangladesh, a thriving South Asian nation, is renowned for its rapid economic growth and booming import market. As we enter 2023, let's explore the top 10 leading products that have dominated Bangladesh's economy. These products boost the nation's economy and provide essential resources and goods to support its diverse industries and growing population. This blog will discuss the top 10 leading imported products from Bangladesh in 2022–2023 and where to get Bangladesh Import Data.
Bangladesh is a rapidly developing economy. The country has experienced strong economic growth in recent years, driven by a number of factors, including a strong garment export sector, increased foreign direct investment, and a stable political environment. As a result of this growth, Bangladesh has become one of the fastest-growing economies in the world.
Based on Bangladesh Trade Data, Bangladesh's trade deficit in 2022–23 was $15.4 billion, an increase of 16.6% from the previous year. Bangladesh's exports in 2022–23 were valued at $48.1 billion, an increase of 12.1% from the prior year, while Bangladesh's imports in 2022–23 were valued at $63.5 billion, an increase of 14.2% from the previous year, as per Bangladesh Import Data.
The Bangladesh economy is mixed, with a strong private sector and a growing public sector. The main sectors of the economy are agriculture, manufacturing, and services. Services are the economy's largest sector, accounting for about 53% of GDP. Manufacturing is the second largest sector with a GDP share-29%. The third largest sector is agriculture, with a GDP share- of 18%
Top Trading Partners of Bangladesh in 2022–23
Here are the top trading partners for Bangladesh in 2022–23:
United States: Exports: $8.72 billion; Imports: $3.13 billion
Germany: Exports: $4.67 billion, Imports: $1.47 billion
United Kingdom: Exports: $3.50 billion, Imports: $1.10 billion
India: Exports: $2.68 billion; Imports: $6.18 billion
China: Exports: $2.57 billion; Imports: $10.34 billion
Spain: Exports: $1.84 billion; Imports: $582 million
France: Exports: $1.75 billion, Imports: $555 million
Singapore: Exports: $1.24 billion; Imports: $441 million
As you can see, the United States, Germany, and the United Kingdom are Bangladesh's top three export destinations. These countries are important markets for Bangladesh's ready-made garments, textiles, and leather goods. India is Bangladesh's leading import partner. Bangladesh imports various products from India, including mineral fuels, machinery, and electrical machinery.
So, these are the top 10 imported products in Bangladesh in 2023:
1. Crude Oil and Petroleum Products
Petroleum products and crude oil are at the top of the import list. Bangladesh heavily relies on imports to meet its domestic fuel demand. The growing transportation sector and industrial activities drive the import of crude oil, diesel, and other petroleum products. Despite making efforts to diversify its energy mix, Bangladesh's dependence on foreign oil remains significant, making this a vital import commodity.
2. Machinery and Equipment
Bangladesh imports an extensive quantity of machinery and equipment due to its expanding manufacturing sector and emphasis on infrastructure development. These imports include everything from building supplies for infrastructure projects to manufacturing machinery for textiles and apparel.
3. Electronics and Electrical Equipment
In the digital age, electronics and electrical equipment have become indispensable for both businesses and consumers in Bangladesh. Smartphones, laptops, televisions, and household appliances are among the most imported electronic goods. The surge in consumer demand for tech-savvy products and the growing IT sector has led to a steady rise in imports in this category.
4. Iron and Steel
Iron and steel imports play a vital role in Bangladesh's development as a key building material for infrastructure projects and manufacturing industries. The construction of roads, bridges, and high-rise buildings requires a substantial amount of steel, driving the demand for imports. Additionally, the steel industry in Bangladesh itself relies on raw material imports to sustain its operations and meet local demand.
5. Textiles and Clothing
Despite being a major exporter of ready-made garments, Bangladesh also imports textiles and clothing materials for its domestic market. The textile industry often imports raw materials such as cotton and synthetic fibers to support its garment manufacturing sector. Additionally, the demand for high-quality fabrics and trendy apparel not produced locally contributes to the import of finished textiles and clothing.
6. Chemicals and Fertilizers
The agriculture and manufacturing sectors depend heavily on imports of chemicals and fertilizers. Bangladesh's agricultural output has witnessed significant growth over the years, and to sustain this progress, the nation imports various fertilizers, pesticides, and agrochemicals. Similarly, pharmaceuticals and textiles rely on imported chemicals to meet their production needs.
7. Plastics and Plastic Articles
Bangladesh's packaging, consumer goods, and construction industries have a considerable demand for plastics and plastic articles. Items like plastic containers, bags, and packaging materials are widely imported to meet the growing needs of diverse sectors.
8. Vehicles and Automobile Parts
The automobile industry is one of the growing sectors in Bangladesh due to the socio-economic development and purchasing power of the country's middle and upper-middle class. The demand for personal and commercial vehicles and their spare parts has increased considerably over the years. Vehicles for personal, commercial, and industrial applications are imported to cater to the nation's transportation needs. This trend will continue with urbanization, economic development, and high disposable income.
9. Pharmaceuticals
Bangladesh's healthcare sector has witnessed significant domestic and international growth, and pharmaceutical imports have played a crucial role in meeting the demand for medicines and medical supplies. The import of active pharmaceutical ingredients (APIs) and finished drugs enables the country to provide quality healthcare services to its citizens and export medicines to various countries.
10. Organic Chemicals
Bangladesh's chemical industry relies on imports of organic chemicals for various purposes, such as pharmaceutical manufacturing, research, and industrial processes. These chemicals are essential for the production of a wide range of products, including pharmaceuticals, plastics, and agricultural chemicals.
Based on the Bangladesh importers database, you will find more detailed statistics of Bangladesh's major import products by HS Code, Product Type, Pricing, Total Import Value, and Total Import Share through our exclusive data-driven platform.
Conclusion:
As Bangladesh continues to experience remarkable economic growth, its import landscape reflects its ambitions for progress and development. From crucial resources like crude oil and petroleum products to machinery and equipment driving industrial advancements, these imports significantly enhance Bangladesh's economy.
So, if you are looking for information on Bangladesh's exports and imports, BangladeshImportData is the best source for Bangladesh Trade Data. We provide comprehensive Bangladesh import data Bangladesh Importers list, including market trends, product prices, HS codes, and supplier information. Visit BangladeshImportData.com today and Book a free live demo with us.
