Bangladesh exports in Q3 hit record $13 billion

 

Bangladesh is a continuously progressing country. Bangladesh has done significantly well in the overall exports this year around. According to the historical Bangladesh import export data, around $55 billion worth of exports were recorded during FY 2022. Whereas, in 2021, the exports were around $45 billion. This year, Bangladesh set a target of $72 billion this year.

Bangladesh has started on a positive note. As per Bangladesh customs data reports, the exports during July-September 2023 reached around $13 billion with an increase of over 9.3%. It was the highest increase noticed in any quarter of this year. This is the highest amount of exports recorded in 2023. This was due to the rise in demand of ready made garments which is the main export of Bangladesh.

Readymade garments were the top export products from Bangladesh with an overall increase of 13% as compared to the same period during the last financial year. Bangladesh export data reflects that the total garments exports had risen to $11.84 billion between July to September as compared to the last year. 

In terms of the global clothing market, Bangladesh is doing exceptionally well as compared to other leading textiles exporters like Pakistan and Sri Lanka. Knitwear exports from Bangladesh are the most demanded goods with an increase of 19% as compared to the same period during last year. Knitwear exports reached $6.6 billion from $5.5 billion during the last 3 months.

On the other hand, woven garments also showed an increase of 4% from $4.9 billion from $4.6 billion in FY 2022. On the other hand, leather and its products declined  to 18% from $338 million in FY 2022 to $268 million in the last three months. Also, there was a significant decline of 45% in home textiles exports of Bangladesh. 

It was $351 million in FY 2022, while from July to September this year, the exports came down to $190 million. Along with home textiles, the exports of jute and its related products had seen a fall of 9% from $248 million to $241 million this year. 

Apart from garments, agricultural, and engineering products exports fell continuously this year. On comparing the last three months with global import export data reports, the exports fell by 5% from $270 million in FY 2022 to $248 million in the last three months. While engineering goods reduced $121 million from $144 million in the same period last year. The exports declined by 16%. 

Frozen fish and shrimps exports also fell by 25% and 30% respectively. From July to September, frozen fish exports declined by 25% to $99 million while shrimp exports were reduced to $66 million with a decline of 32%.

Whereas, Bangladesh import data shows around $51 worth of imports made during this financial year. Bangladesh imports mostly come from China, India, Indonesia, United States and Singapore. The most imported commodities are cotton, wheat, petroleum, fabric, rubber, etc. If you want to expand your business from Bangladesh to the global market then a trade report could help you excel your business globally.

Bangladesh import export business owners can rely on Market Research Platform from the leading global import export data provider company, Exim Trade Data through which they could sport quality leads for their business. They can gain actionable insights from over 200+ countries import export data. You can track the shipment records of millions globally and identify your potential clients. It is the most economical way to increase your sales.