Trade Scenario Between Bangladesh and Indonesia

Trade Agreement between The Government of the People’s Republic of Bangladesh and The Government of The Republic of Indonesia was signed on 24 January 2004, considering their mutual interest in strengthening and developing of trade ties and expanding and diversifying of commercial exchange and enhancing the level of trade cooperation based on equality, nondiscrimination and maintenance of mutual interest, superseding the Agreement between The Government of The People’s Republic of Bangladesh and the Government of The Republic of Indonesia, signed at Jakarta on July 29, 1978.  Bilateral trade between Bangladesh and Indonesia would increase by fivefold to around $10 billion in next 10 years as the trade between the two countries grew by 48 per cent in 2014-2018. The bilateral trade between Indonesia and Bangladesh reached to $1.97 billion in 2018 with a 48 per cent growth compared with that of in the year 2014. Though there are ample business opportunities of bilateral trade between the two countries of 420 million population the governments of both the countries has imitated a move to sign preferential trade agreement considering the trade potentials. It is expected
 the PTA will to be signed by the middle of the 2022.

Key Industries: petroleum and natural gas, textiles, automotive, electrical appliances, apparel, footwear, mining, cement, medical instruments and appliances, handicrafts, chemical fertilizers, plywood, rubber, processed food, jewelry, and tourism.

 Key Agriculture Sector: rubber and similar products, palm oil, poultry, beef, forest products, shrimp, cocoa, coffee, medicinal herbs, essential oil, fish and its similar products, and spice. .

Major Export Items in (In million US $): Woven garments (6.773), Knitwear (7.024), Home Textile (0.06), Agri-Products (0.617), Leather and Leather Product (0. 281), Footwear (0.072), Raw Jute (0.696), Jute goods (25.937), others (4.983).

Major Import Items in  (In million US $): Live Animals and Animal Products (0.152); Vegetable Products (39.094); Animal or vegetable fats oils and their cleavage products: prepared edible fats: animal or vegetable waxes (626.05); Prepared foodstuff, Tobacco and manufactured tobacco (3.861), Mineral Products (143.027); Products of the Chemical or Allied Industries (48.787); Plastics & Rubber Articles Thereof (56.864); Raw Hides and Skins, Leather and Articles Thereof; Saddlery and Harness; Travel Goods, Handbags and Similar Containers; Articles of Animal Gut (0.685); Pulp of wood or of other fibrous material; recovered (waste and scrap) paper or paperboard; paper and paperboard and articles thereof (136.052); Textiles & Textile Articles (145.734); Footwear, Headgear, Umbrellas, Sun Umbrellas, Walking Sticks, Seat-Sticks, Whips, Riding- Crops and Parts Thereof Etc (0.193); Articles of Stone, Plaster, Cement, Asbestos, Mica or Similar Materials; Ceramic Products (2.360); Base Metals & Articles of Base Metal (16.311); Machinery and mechanical appliance electrical equipment; parts thereof (7.030); Electrical machinery and equipment an parts thereof; sound recorders and reproducers television image and sound recorders (4.488); Vehicles, Aircraft, Vessels and Transport Equipment (7.644); Others (1.323).

The balance of trade position between Bangladesh and Indonesia from 2008-2009 to 2019-2020 is shown below (Value in million U.S. $):

Year

Export

Import

Balance

2008-2009

22.30

508.34

(-) 486.04

2009-2010

45.58

665.40

(-) 619.82

2010-2011

29.48

842.99

(-) 813.51

2011-2012

25.24

1,228.15

(-)1202.91

2012-2013

50.82

1054.70

(-)1003.88

2013-2014

56.53

1105.49

(-) 1048.96

2014-2015

39.49

1397.46

(-) 1357.97

2015-16

43.36

1235.51

(-) 1192.15

2016-17

46.39

1149.95

(-) 1103.56

2017-18

55.08

1773.20

(-) 1718.12

2018-19

56.82

1940.00

(-)  1883.18

2019-20

51.42

1902.40

(-) 1850.98

    Source: EPB/ Bangladesh Bank

 

Top 20 Exported Item in Indonesia for the year 2020-2021:

SL HS Code Iteam Name Amount in USD
1 53072000 53072000: Multiple (folded) of cabled 19,201,142.34
2 61091000 61091000: T-Shirts, Singlets And Other Vests, Of Cotton, Knitted Or Crocheted 13,167,371.37
3 63051000 63051000: Sacks And Bags, Used For Packing Goods, Of Jute, Etc 7,085,316.12
4 62034200 62034200: Men'S Or Boys' Bib & Brace Trousers, Breeches, Shorts, Of Cotton 4,645,613.81
5 62046200 62046200: Women'S Or Girls' Trousers, Breeches, Etc, Of Cotton 2,645,568.50
6 61102000 61102000: JERSEYS, PULLOVERS, CARDIGANS, WAISTCOATS & SIMILAR ART., KNITTED OR CROCHETED OF COT 2,193,822.39
7 61046200 61046200: Women'S Or Girls' Trousers, Etc, Of Cotton, Knitted Or Crocheted 1,971,557.15
8 62052000 62052000: Men'S Or Boys' Shirts Of Cotton 1,444,500.59
9 53071000 53071000: Single yarn of jute or of other textile bast fibres of 53.03 1,238,335.12
10 35030090 35030090: Gelatin and derivatives; isinglass; glues of animal origin, nes 1,165,555.75
11 61044200 61044200: Dresses Of Cotton, Knitted Or Crocheted 805,792.69
12 24012000 24012000: Tobacco, Partly Or Wholly Stemmed/Stripped 794,830.93
13 61034200 61034200: Men'S Or Boys' Trousers, Etc, Of Cotton, Knitted Or Crocheted 632,074.72
14 61112000 61112000: Babies' Garments, Etc, Of Cotton, Knitted Or Crocheted 575,506.41
15 62063000 62063000: Women'S Or Girls' Blouses, Shirts/Blouses Of Cotton 557,340.05
16 28470000 28470000: Hydrogen Peroxide, Whether Or Not Sokidified With Urea 545,899.36
17 61051000 61051000: Men'S Or Boys' Shirts Of Cotton, Knitted Or Crocheted 480,542.07
18 30049099 30049099: Other(excl.anti-malaria, anti-TB, anti-leprosy....and kidney dialysis solution 360,611.28
19 85071000 85071000: Lead-Acid Accumulators For Starting Piston Engines 346,531.01
20 55032000 55032000: Synthetic Staple Fibres, Of Polyesters, Not Carded, Combed Or Processed 338,724.18

Total Export Amount: 68,220,677.23 USD


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