Bangladesh’s merchandise export to UK hits $5b milestone
Bangladesh has achieved a significant milestone by surpassing the $5 billion-mark in exports to the United Kingdom, according to commerce ministry data.
In the just concluded fiscal 2022-23, Bangladesh's merchandise exports to the European country peaked at $5.3 billion, demonstrating substantial growth from $4.8 billion in the previous year and doubling the figures from a decade ago when it stood at $2.7 billion.
Key export items contributing to this achievement include ready-made garments (RMG), frozen food, IT engineering, leather and jute goods, as well as bicycles.
Approximately 80% of the exports comprise knitwear and woven garments.
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In terms of imports, Bangladesh's trade with the UK amounted to $380 million during the first 11 months of FY23 till May.
It was projected to reach around $450 million by the end of the fiscal year on 30 June, as stated by a senior official from the commerce ministry.
Overall, Bangladesh's exports recorded a year-on-year growth rate of 6.67%, totalling $55.55 billion in the last fiscal year, primarily driven by the performance of the apparel sector, according to data from the Export Promotion Bureau.
At present, after the European Union and the United States, the UK is the third largest export destination for Bangladesh.
