Once known as East Pakistan, Bangladesh is a poor, overpopulated country burdened with ineffective bureaucracies. Almost two-thirds of Bangladeshis are employed in the agriculture sector. To feed its large population, rice is the country’s single-most-important product for domestic consumption. Bangladesh depends on imported food supplies, with limited opportunities to export its rice.
In 2006, Bangladesh exported some US$11.2 billion worth of goods led by garments, jute and jute goods, leather, frozen fish and seafood. Topping the list of customers for Bangladeshian exports were the United States (25% of total exports), Germany (12.6%), the United Kingdom (9.8%) and France (4.9%).
That same year, Bangladesh imported about $14.8 billion in commodities ranging from machinery and equipment, chemicals, iron and steel, foodstuffs and petroleum products to cement. Leading suppliers of Bangladeshian imports included the China (17.7% of total imports), India (12.5%), Kuwait (7.9%), Singapore (5.5%) and Hong Kong (4.1%).
Bangladesh’s international trade deficit was $3.6 billion in 2006. A closer look at Bangladesh’s trade statistics with the United States reveal that Bangladesh has shown a significant trade surplus with one of its major trading partners.
Bangladeshian Exports to U.S.
With a population of 151 million, Bangladesh exported US$3.3 billion worth of merchandise to the United States in 2006, up 21.4% from 2005 and up 53.2% in 4 years.
- Cotton apparel and household goods …US$2.2 billion (67.5% of Bangladesh to U.S. exports, down 29.2% from 2005)
- Other textile apparel and household goods … $641.8 million (19.6%, up 5.6%)
- Fish and shellfish … $192.6 million (5.9%, up 38.4%)
- Sporting and camping apparel, footwear and gear … $139.1 million (4.3%, up 8.3%)
- Wool apparel and household goods … $17.3 million (0.5%, down 27.4%)
- Cloth, fabric and threads (wool and silk) … $11.3 million (0.3%, down 1.6%)
- Abrasives, belting, boxes, glass … $11.1 million (0.3%, up 26.5%)
- Toys, sporting goods including guns and bicycles … $8.6 million (0.3%, up 27.2%)
- Fertilizers, pesticides and insecticides … $7.3 million (0.2%, down 78.9%)
- Goods returned then re-exported to America … $5.6 million (0.2%, up 623%).
Fastest-Growing Bangladeshian Exports to U.S.
Below are American imports from Bangladesh in 2006 with the highest percentage sales increases from 2005.
- Non-textile floor and wall tiles … US$58,000 (up 2,880% from 2005)
- Jewellery including watches and rings … $53,000 (up 1,225%)
- Goods returned then re-exported to America … $5.6 million (up 623%)
- Paper products … $114,000 (up 339%)
- Fruits and preparations including frozen juices … $43,000 (up 291%).
Bangladeshian Imports from U.S.
Bangladeshian imports from the U.S. rose 4% to $333 million in 2006, up 23.6% since 2002. Of American exports to Bangladesh in 2006, the following product categories had the highest values.
- Raw cotton … US$39.7 million (11.9% of Bangladesh from U.S. imports, down 6% from 2005)
- Generators and accessories … $37.8 million (11.4%, up 49.3%)
- Textile sewing machines … $23.4 million (7%, up 46.5%)
- Steelmaking materials … $19.2 million (5.8%, up 162.7%)
- Pulp and woodpulp … $14.6 million (4.4%, up 51.3%)
- Drilling and oilfield equipment … $14.3 million (4.3%, up 287.1%)
- Wheat … $11.4 million (3.4%, up 182.5%)
- Other industrial machines … $9.8 million (3%, up 39.3%)
- Industrial engines … $9 million (2.7%, up 49.7%)
- Telecommunications equipment … $8.8 million (2.6%, down 66.3%).
Fastest-Growing Bangladeshian Imports from U.S.
Below are American exports to Bangladesh in 2006 with the highest percentage sales increases from 2005.
- Other agricultural manufactured products … US$134,000 (up 857% from 2005)
- Corn … $359,000 (up 716%)
- Unmanufactured agricultural farming … $1.8 million (up 589%)
- Marine engine parts … $80,000 (up 567%)
- Tanks, artillery, missiles, rockets, guns and ammunition … $58,000 (up 480%).
In terms of the merchandise flow between the two countries, Bangladesh’s trade surplus with America was $2.9 billion in 2006, up 57.5% from 2002. The Bangladeshian trade surplus with the U.S. increased 23.8% in 2006 – an improvement from the 17.9% surplus increase in 2005 from the year earlier.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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