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Bangladesh sells goods to 12 nations, including the United States and Germany, for 76% of its total exports. Each of these nations receives more than $1 billion in exports. The newest member of this billion-dollar club is Australia.
The top 12 countries to which Bangladeshi goods were exported in the previous fiscal year were the United States, Germany, the United Kingdom, Spain, France, Italy, the Netherlands, India, Japan, Poland, Canada, and Australia, according to the Export Promotion Bureau (EPB). Only the US, Germany, and Poland experienced a fall in exports among these nations. While the increase in the other 9 markets was from 7 to 40%.
A total of $55.56 billion worth of commodities were exported from Bangladesh during the previous fiscal year 2022–2023. 42.04 billion dollars' worth of goods were shipped from the top 12 exporting nations and destinations. Exports to these markets were worth $41.10 billion the year before. In a single year, exports to these nations climbed by $1.93 billion.
For a very long time, the largest export destination for goods from Bangladesh was the United States. In the fiscal year 2021–2022, exports in this market surpassed $10 billion for the first time. This landmark has not been attained by any other export market. Due to the Russia-Ukraine conflict and its aftereffects, there was a rise in inflation, which decreased consumer demand for commodities during the current fiscal year. Exports to the primary market consequently decreased to $9.7 billion, or nearly 7% less than the previous year. Ready-made clothing accounts for 88 percent of total exports to the United States.
The second-highest market for Bangladeshi goods is Germany. But during the following months, this nation rose to the top of the list. The nation exported commodities worth $7.08 billion during the previous fiscal year. The market's exports in the most recent fiscal year 2021–2022 totaled $7.59 billion. That indicates a 6.7% decrease in shipments to this market over the previous fiscal year. Germany's $6.68 billion in total exports, or 94% of all exports, were made up of clothing.
The UK ranked third in terms of products exported during the most recent fiscal year, with $5.31 billion, an increase of almost 10% from the prior fiscal year. The value of the items exported to the United Kingdom at that time, or in the fiscal year 2021–2022, was $4.82 billion. $5.03 billion worth of RMG exports.
Spain, a member of the EU, is Bangladesh's fourth-largest importer. The value of goods shipped to Spain in the most recent fiscal year was $3.68 billion, up 16.33% from $3.17 billion in the prior fiscal year. The most popular export items from various nations, including the US, Germany, and the UK, are manufactured clothes. The majority of shipments to Spain, 97%, were clothing already produced.
The fifth most popular export destination for goods from Bangladesh is France, another member of the EU. The nation exported commodities worth $3.29 billion in the most recent fiscal year. The country shipped items worth $2.71 billion in the previous fiscal year, which represents a 21 percent rise in exports to this market. The majority of French exports are clothing that are already produced.
Italy and the Netherlands were among the other nations that imported goods worth $1 billion or more from Bangladesh in the previous fiscal year. Italy imported $2.39 billion and the Netherlands imported $2.09 billion. Among these, shipments rose by 18% to the Netherlands and by 40% to Italy. In addition, goods worth $2.13 billion were sent to India. to this market exports grown by 7 percent.
In the fiscal year 2022–2023, exports to Poland and Japan totaled $1.85 billion and $1.90 billion, respectively. While exports to Poland decreased by 13%, exports to Japan surged by 40%. In addition, goods worth $1.26 billion to Australia and $1.72 billion to Canada were shipped in the previous fiscal year. Among these, shipments to Canada and Australia both saw increases of 13% and 37%, respectively.
According to a study of EPB data, ready-made clothing made up 84.57 percent of all exports during the just finished fiscal year. However, ready-made clothing accounts for 92–97% of all exports to Germany, the UK, Spain, Italy, Poland, and Australia. Additionally, ready-made clothing accounts for 84 to 90% of all exports to the United States, France, the Netherlands, Japan, and Canada. Additionally, ready-made clothing accounts for 47% of all Indian exports.
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