Bangladesh’s decision to stop buying necessary goods from the United States may not be a wise move for its economy, despite the significant growth in bilateral trade between the two countries. Bangladesh’s imports from the US have increased by 65.7% in the period between the financial year 2017-18 and 2021-22, while US imports from Bangladesh grew by 74% during the same period. Bangladesh mainly imports mineral fuels, mineral oils, oil seeds, cotton, boilers, machinery, and mechanical appliances from the US. Meanwhile, the US is the single largest export destination for Bangladesh, primarily receiving woven garments, knitwear, and leather goods. If Bangladesh imposes trade restrictions on any country, that country may also impose a ban on imports from Bangladesh. Experts suggest that economic issues should be kept separate from political ones, and that Bangladesh should work on solving non-economic issues. The trade and investment relationship between Bangladesh and the US is strong and should not be impacted by political relations.
Halting US Imports Raises Concerns as Bilateral Trade Thrives
- Published On May 18, 2023
- 12:59 pm
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Economic Tag: Trade
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