Bangladesh’s trade landscape is witnessing a shift, with increasing engagement with the Association of Southeast Asian Nations (ASEAN) alongside its longstanding ties with China. Although China remains Bangladesh’s largest trading partner, accounting for 26% of total imports, ASEAN’s influence is growing. Currently, ASEAN countries contribute over 16% to Bangladesh’s import trade. However, export earnings from ASEAN nations remain modest but hold potential for expansion.
In the fiscal year 2022-23, Bangladesh imported goods worth $1,134.1 billion and exported products worth $76.1 million to ASEAN countries, totaling $1,211.1 billion in trade. Notably, China’s trade volume surpasses this figure individually. Import items from China include nuclear reactors, machinery, cotton, and electronics, while exports comprise garments, textiles, leather goods, and footwear. Despite ASEAN’s economic prowess and the Regional Comprehensive Economic Partnership (RCEP), Bangladesh’s trade engagement with the alliance remains underdeveloped and therefore negotiations for a free trade agreement (FTA) through BIMSTEC are underway, promising deeper economic ties.
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