25/06/2024
Major Export Products of Bangladesh
1. Readymade Garments
In Fiscal Year (FY) 2021-2022, the export value of Bangladesh’s Ready-Made Garment (RMG) sector reached an estimated $31.46 billion or approximately Tk. 3,33,639 crore (the exchange rate is equivalent to Tk. 106.05), which was a growth compared to the previous year’s figure of $27.95 billion or approximately Tk. 2,96,415 crore (the exchange rate is equivalent to Tk. 106.05). The RMG exports of Bangladesh comprise a wide range of knitwear and woven garments, including shirts, pants, T-shirts, jeans, jackets, and sweaters. Notably, the Export Promotion Bureau (EPB) statistics indicate that knitwear products saw a remarkable rise of 36.88% to $23.2 billion, or approximately Tk. 2,46,040 crore, outstripping woven garments, which increased by 33.82% to $19.4 billion or Tk. 2,05,741 crore approximately. This surge in the apparel industry has had a great impact on Bangladesh’s economic development. The major foreign markets for Bangladesh’s RMG exports in FY22 were the United States, the United Kingdom, Germany, Italy, France, Spain, the Netherlands, Canada, and Belgium.
2. Jute and Jute Products
Bangladesh is one of the leading exporters of jute and jute products in the world. The country has a long history of jute cultivation and manufacture, dating back to the colonial era. Bangladesh’s jute industry is in the middle of a period of immense success. It is the second-most exported item after readymade garments in the recently-ended fiscal year. The country produces from 7.0 to 8.0 million bales of raw jute each year, and exports 0.6 to 0.8 million bales. Faridpur district is the main producer of jute. China, India, and Pakistan are the main buyers of Bangladesh’s raw jute. In 2021-22, the raw jute exports yielded BDT 6.59 billion.
3. Fish, Shrimps, and Prawns
Bangladesh’s aquaculture industry is a major source of food security and foreign exchange, significantly contributing to the national economy. Data from the Export Promotion Bureau (EPB) reveals that earnings from shrimp exports soared to $268.95 million or approximately 2,852 crores from March to August 2022, up from $194.58 million or BDT 2,063 crore in the corresponding period of FY20-21. On the other hand, frozen fish exports dropped from $66.33 million or BDT 703 crore (approx.) to $53.05 million or BDT 532 crore (approximately) over the same period. Live fish exports, however, increased by 34%, earning $4.41 million or BDT 46 crore. Bangladeshi aquaculture products are exported to more than 50 countries, with the major importers being the European Union (EU), the USA, Japan, Russia, and China. In the recent fiscal, export earnings from frozen and live fish have surged by 11.64%, reaching $532.94 million or BDT 5,651 crore, while shrimp exports have jumped by 23.84%, yielding $407.25 or BDT 4,318 crore.
4. Leather and Leather Products
During the first nine months of the last fiscal year, the Bangladeshi leather industry experienced considerable growth in all categories. From July 2021 to March 2022, exports of leather from Bangladesh rose by 30.95% compared to the same period of the previous fiscal year, generating a total of $896.8 million or BDT 9,510 crore. Additionally, the exports of leather goods reached $242.0 million or BDT 2,566 crore in the nine months from July 2021 to March 2022, which was a 34.41% increase from the same period in the prior fiscal year. The commerce ministry is developing a ten-year perspective plan with a goal of increasing the leather sector’s export earnings from below $1 billion (BDT 10,605 crore) to $10-12 billion by 2030. The main destinations for Bangladesh’s leather and leather goods are Italy, Spain, and Hong Kong.
5. Home Textile
The home textile industry has become a prominent sector in the textile production and exports of Bangladesh. This sector covers bed linen, bed sheets, bedroom textiles, bath linen, carpets, rugs, blankets, kitchen linen, curtains, cushions, and cushion cover. During the period of July 2021 to April 2022, the export value of these home textiles was around $1.3 billion or BDT 13,786 crore, which is an impressive 39% increase from the same period in the previous fiscal year. The main export markets for Bangladeshi home textiles include the US, Europe, Japan, Canada, and Australia.
6. Agro Products
Vegetable exports from Bangladesh appear to be ready for a major surge. According to the Financial Express, shipments from the country have grown by 100% during the July-August period of the last fiscal year. This growth has seen Bangladesh’s vegetable exports reach 0.10 million tons annually to countries across the globe. Agricultural products as a whole, including vegetables, fruits, and spices, earned $1.16 billion or BDT 12,302 crore in FY22, with a 13.04% growth. Those in the industry feel Bangladesh has the potential to bring in more than $1 billion or BDT 10,605 crore from exports of these perishable agricultural products.
7. Pharmaceutical Products
The pharmaceutical sector in Bangladesh has seen a dramatic rise in export revenues due to increased capacity and access to new sales channels. In the last fiscal year 2021-22, these businesses earned $163.83 million or BDT 1,737 crore approximately from July to April, according to the Export Promotion Bureau. This is a 27% increase from the same period in the previous fiscal year. The world has taken notice of the capabilities of Bangladeshi pharmaceuticals, as the country now exports drugs to approximately 160 countries after fulfilling nearly 98% of their local demands.
8. Plastic and Plastic Products
The export of plastic products has seen a significant increase that is set to make it a major source of revenue. According to the current annual growth rate of 24%, it is estimated that the export of plastic toys will reach $466.31 million or BDT 4,945 crore by 2030. During the period of July to April in the last fiscal year, the total exported quantity of plastic products was $128.77 million or BDT 1,365 crore, of which $37.10 million BDT 393 crore (29%) was accounted for by toys. Furthermore, Bangladeshi plastic products have been exported to 23 countries, including the USA, the UK, France, Germany, Poland, Spain, and Canada. Various items such as decorative pieces for the home, car parts, medical equipment, and other export industry-related products are all made from plastics.
9. Bicycle
Bangladesh has become the third-largest exporter of bicycles to the European Union and the eighth-largest exporter in the world, as reported by Eurostat. The EU is a key consumer of bicycles, with an annual purchase of around 18 million units. Hence, Bangladeshi manufacturers are aiming to target the European markets for exports, especially the UK, Germany, Italy, and the Netherlands. Bicycle exports generated $84.58 million or BDT 896 in FY 2020–21, representing a 40% year-on-year growth.
10. Terry Towel
The terry towel industry in Bangladesh is solely dedicated to exports. A range of towels and similar items are made and exported by the country, with an annual value of $1.2 billion or BDT 12,726 crore in home textiles and towels. According to the Export Promotion Bureau (EPB) data, from July 2022 to December 2022, $18.6 million or BDT 197 crore worth of terry towels were exported from Bangladesh.
11. Other Items
The electronics industry has been growing in Bangladesh, with products like mobile phones and computer components being exported. Ceramic products like tiles and sanitary ware Chemical products, chemicals used in the textile industry, wooden and bamboo furniture, handmade crafts and traditional items are other export items of Bangladesh.
