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UK-Bangladesh Trade Surges to Record £4.7B in 2022

Economic Tag: Trade

In a remarkable milestone for bilateral trade, the United Kingdom (UK) and Bangladesh have experienced a significant surge, reaching a record trade volume of £4.7 billion ($5.83 billion) in 2022. The Department for Business and Trade in the UK reported a substantial increase of 50.4% compared to the previous year. Bangladesh’s thriving readymade garments (RMG) sector played a crucial role, accounting for the majority of the trade. UK imports from Bangladesh increased by 54.0% to £3.8 billion, while UK exports to Bangladesh rose by 36.7% to £897 million. The two nations have strengthened their bilateral ties, reflecting the quality of products and favorable trade policies implemented by Bangladesh. Clothing, particularly RMG, was the driving force behind this growth. The UK’s metal ores and scrap constituted the highest exports to Bangladesh. The trade relationship between Bangladesh and the UK continues to flourish, with Bangladesh becoming the UK’s 50th largest trading partner in 2022.

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