Bangladesh exports down by 65% in 2023

 

During 2023, Bangladesh exports declined by 65%. The main reason behind this is the lack of cargo infrastructure and low demand for RMG related goods which are the major exports of Bangladesh. As per Bangladesh export data, 90% of the country’s overall exports were ready made garments. 

Bangladesh readymade garments exports showed a slight growth of 1.8% and is estimated to be around $25 billion during 2023. These mainly include cotton t-shirts, jeans, jerseys, waistcoat, blazer, and various jute related articles. Bangladesh customs data shows that the country’s overall exports accounted for $60 billion in 2023.

Jute related articles accounted for around $268 million in 2023. Also, there were some notable amounts of shipments recorded for Bangladesh’s Black cumin seed oil ($52 M), Palm oil ($18 M),Sweet biscuits ($16 M) exports. 

Among agricultural sectors, Bangladesh’s top exports items were strawberries, alphonso, watermelons, pomegranates, potatoes, cabbages, broccoli, lemons, etc. Bangladesh fruits and vegetables exports were nearly $68 million in 2023. The most prominent markets for Bangladesh exports were the United States and Germany. 

Some of the fastest growing markets for Bangladesh exports were Spain, France, Poland, Italy, Netherlands, Japan and India. Among the top Bangladeshi export companies, Refat Garments and AKM Knit Wear were responsible for the maximum number of shipments from Bangladesh.

In terms of export turnover, AKM Knitwear, GMS Composite Knitting, Square Fashions, Flamingo Fashions and Liberty Knitwear emerged as the top Bangladesh export companies in 2023. Bestseller, a top fashion brand from Denmark was the top importer of garments from Bangladesh. 

Other sophisticated brands like Marks and Spencer from the United Kingdom, Styletex Apparel from the United Arab Emirates and LPP from Poland have made some hefty amount of imports from Bangladesh in 2023. Bangladesh import data reports, the imports of around $81 billion were recorded during 2023. 

Bangladesh’s key imports include wheat, cotton fabrics, diesel, animal/vegetable fats, oils, scrap iron, crude oil, etc. Namibia, China, and India were the biggest suppliers to Bangladesh in 2023. The fastest growing markets for Bangladesh exports were Indonesia, Singapore, Malaysia, Japan and the United States. Padma Oil Company, Meghna Petroleum and Bangladesh Chemical Industries were the leading Bangladesh import companies responsible for the maximum amount of shipments during last year. China Wanbao Engineering from China, Abu Dhabi National Oil Company from the United Arab Emirates and Saudi Arabian Mining Company from Saudi Arabia were the biggest exporters to Bangladesh.

The Bangladesh garment sector is the biggest contributor to the country’s economy. European countries are the major destinations for Bangladeshi goods. An European market intelligence report from the global import export data providers could help Bangladeshi companies to draw genuine European buyers.

In the global trade data report, you will get desired information about top European imports, EU buyers, their purchasing behaviour and also briefs you about your competitor marketing strategies. These insights will help companies to identify genuine EU buyers and convert them into high ROI leads. A data based market research could cost companies less and can generate more ROI.