The Bangladesh Trade Portal (BTP) is an official source of all regulatory information relevant to traders who wish to import goods into Bangladesh or export to other countries. The Ministry of Commerce of the Bangladesh Government has established the Portal in order to improve the predictability and transparency of the country’s trading laws and processes.

Trade Scenario Between Bangladesh and South Korea

Trade Scenario Between Bangladesh and South Korea

Agreement between the Government of the People’s Republic of Bangladesh and the Government of the Republic of Korea on Trade and Economic Co-operation was signed on 01 July 1973. The main component of this agreement is “The two Contracting Parties shall promote economic co-operation in those fields which will contribute to the development of their economic and shall accord each other, in accordance with the laws and regulations of the Contracting Parties, necessary facilities no less favorable than those accorded to any third country in respect of capital investments including credit, joint ventures and other forms of economic co-operation”. Bangladesh continues to suffer from negative balance of trade with Korea. The Republic of Korea has been one of the most reliable development partners of Bangladesh and has been extending significant cooperation and support to Bangladesh since the early 1970s. It is one of the major trading partners of Bangladesh. There is a steady increase in bilateral trade between the two countries which currently stands at approximately USD 1.68  billion.  However, Bangladesh’s exports to the ROK is only USD 352.82 million and the trade balance is consistently in favor of the Republic of Korea. With its export heavily dependent upon garment and textile, Bangladesh has to import textile and related goods from Korea. Diversification of Bangladesh export item is much needed.  The Republic of Korea has expanded its duty-free, quota free (DFQF ) facilities for Bangladesh. As per the latest expansion, 4802 products have been accorded zero tariff facilities . The expansion of DFQF facility covers a good number of textile and footwear items in which Bangladesh enjoys comparative advantages. Bangladesh’s main exportable item to republic of Korea consists of Leather, Woven garments, Jute manufacturers, Pharmaceutical, Jute yarn and twine, other manufactured goods, Knitwear, Footwear ( leather & sport ), Stainless steel wares, Frozen fish, Cap, Copper wire, Raw jute. Major Imports items from Korea are Vegetable products, Live animals, Mineral products, plastic & Articles thereof, Textiles & Textile articles, Articles of stone, Machinery, & mechanical appliance, Vehicles, aircraft, Optical, Photographic, Footwear, Umbrellas, etc.  The balance of trade position between Bangladesh and Korea from 2009-2010 to 2022-2023  is shown below :       

Export and Import Statistics( Value in milliom US$)

Fiscal Year

Export

Import

Balance

2009-2010

140.28

837.01

(-) 696.73

2010-2011

163.68

1123.60

(-) 959.92

2011-2012

209.71

1550.71

(-)1340.99

2012-2013

250.49

1295.90

(-)1045.41

2013-2014

344.81

1198.90

(-) 854.09

2014-2015

269.03

1214.90

(-) 945.87

2015-16

280.09

1145.00

(-) 864.91

2016-17

238.23

1274.96

(-) 1036.71

2017-18

254.84

1273.80

(-) 1018.96

2018-19

370.65

1315.50

(-)  944.65

2019-20

352.82

1030.30

(-) 677.48

2020-21

398.67

1126.60

(-) 727.93

2021-22

530.25

1492.60

(-) 962.35

2022-23

623.79

 

 

2023-24

491.73

902.9

(-) 411.17

  Source: EPB/ Bangladesh Bank

 

Top 20 Exported Item in South Korea for the year 2023-2024:

Sl HS Code Item Name Amount In USD
1 61091000 61091000: T-Shirts, Singlets And Other Vests, Of Cotton, Knitted Or Crocheted 68,414,964.59
2 61103000 61103000: JERSEYS,PULLOVERS,CARDIGANS,WAISTCOATS.., KNITTED OR CROCHETED OF MAN-MADE FIBRE 58,297,638.53
3 61102000 61102000: JERSEYS, PULLOVERS, CARDIGANS, WAISTCOATS & SIMILAR ART., KNITTED OR CROCHETED OF COT 38,061,884.25
4 62034200 62034200: Men'S Or Boys' Bib & Brace Trousers, Breeches, Shorts, Of Cotton 37,920,175.54
5 62014000 62014000: 35,292,338.58
6 62046200 62046200: Women'S Or Girls' Trousers, Breeches, Etc, Of Cotton 23,651,203.50
7 62103000 62103000: Garments Of 6202.11 To 19, Made Up Of Fabrics Of 59.03, 59.06 Or 59.07 20,421,182.09
8 62105000 62105000: Women'S Or Girls' Garments Made Up Of Fabrics Of 59.03, 59.06 Or 59.07 16,320,002.71
9 62024000 62024000: 14,286,310.69
10 62034300 62034300: Men'S Or Boys' Bib & Brace Trousers, Breeches & Shorts Of Synthetic Fibres 10,168,672.03
11 61046200 61046200: Women'S Or Girls' Trousers, Etc, Of Cotton, Knitted Or Crocheted 8,673,633.91
12 64041900 64041900: Sports Footwear, With Rubber Or Plastic Soles And Textile Uppers 8,183,560.08
13 61034200 61034200: Men'S Or Boys' Trousers, Etc, Of Cotton, Knitted Or Crocheted 6,402,960.92
14 62046300 62046300: Women'S Or Girls' Trousers, Breeches, Etc, Of Synthetic Fibres 6,392,285.08
15 62114300 62114300: Women's or girls' garments of man-made fibres, nes 5,990,777.11
16 61099000 61099000: T-Shirts, Singlets, Etc, Of Other Textiles, Nes, Knitted Or Crocheted 5,674,599.66
17 62052000 62052000: Men'S Or Boys' Shirts Of Cotton 5,509,200.32
18 63062200 63062200: Tents Of Synthetic Fibres 5,294,942.76
19 61051000 61051000: Men'S Or Boys' Shirts Of Cotton, Knitted Or Crocheted 4,676,697.13
20 64039900 64039900: Footwear With Rubber... Soles, Leather Uppers, Not Covering The Ankle 4,444,361.60

Total Export Amount: 491,730,926 USD 


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