Bangladesh Imports Data- Explore Import Trade

As we are going to know about the import data of Bangladesh let's look at some key points about Bangladesh first. Bangladesh is located in South Asia near the Bay of Bengal. Bangladesh has neighbours like India (One of the strongest countries in the world). Bangladesh has a population of around 16 Cr which makes Bangladesh the eighth-most populous nation in the world. According to the Import Data Bangladesh, Bangladesh imports valued at USD 50 Billion in the year 2019. Global wise, it stood 18th position in imports.

According to the Bangladesh government of import and export goods, Bangladesh's major imports are cotton, machinery, oils, mineral fuels, electrical equipment, iron and steel, vehicle, etc. Bangladesh's top import partners are China, India, Singapore, Hong Kong, Malaysia, Brazil, Kuwait, Indonesia, Japan, and South Korea.

The government made a strategy to import hydropower from neighboring Asian Countries like Bhutan and Nepal as about 56% of Bangladesh's commercial energy is generated by natural gas, followed by oil, hydropower, and coal. According to Government reports it shows that Bangladesh hugely dependent on imports from 2 of its neighboring countries India and China.

Bangladesh Main Imports and their Data

According to Bangladesh Government, it shows that Bangladesh's top 10 imports in the 2019-20 financial years were cotton, machinery, vehicles, oils and fuels, electronics equipment, iron and steel, plastics, staple fibres, cereals, and vegetable fats and oil.

Based on the statistics given by Bangladesh government about their import Data, It shows that Bangladesh top 10 import products accounted 60% to country's total import in the financial year 2019-2020. Among Bangladesh's top 10 imports, mineral fuels and oils were the largest gainers according to Bangladesh import Data whereas cotton recorded a decline in the value as compared to the previous year.

Top import partners of financial year 19-20 according to Bangladesh government data:

• China (21% of country's total Import)

• India (12% of country's total Import)

•Singapore (9% of country's total Import)

• Hong Kong (5% of country's total Import)

• Indonesia (4% of country's total Import)

Bangladesh Trade Data provides facts and figures about Bangladesh trade. According to the World Bank statistics, Bangladesh had a total export of 31,734,162.42 in thousands of US$ and total imports of 48,058,710.04 in thousands of US$. It means Bangladesh has a negative trade balance of -16,324,547.62 in thousands of US$. The trade growth of Bangladesh remains 2.68% compared to a world growth of -6.61%. At the global stage, The Effectively Applied Tariff Weighted Average (customs duty) for Bangladesh is 11.82% whereas the Most Favoured Nation (MFN) Weighted Average tariff is 12.32%. According to records in the financial year, Bangladesh's total goods and service export is 5,481,674,944.60 in BoP, current US$, and total goods and services import is 9,925,426,283.60 in Bop, current US$.

Cotton Import Data explore the import of cotton. Cotton is one of the main imports of Bangladesh. Mainly Bangladesh imports cotton from India and the US. According to the Data of the Bangladesh textile mills Association, in fiscal 2019-20, Bangladesh imported 7.1 million bales of cotton, down 13.4 percent from a year earlier.  Due to the high demand for yarn and other fabrics from garment exporters cotton imports falls. Before that Bangladesh import cotton around 30-40% of.