Trade Scenario Between Bangladesh and United Kingdom

The United Kingdom's (UK) export market is crucial for developing and small island developing states (SIDS) including Bangladesh. And among them, some of the countries' export is significantly dependent on the UK market. According to ITC Trade Map, during 2012-2016, their average export share to this market was: Belize (24 per cent), Mauritius (15 per cent), Sri Lanka (10 per cent), St Lucia (10 per cent), Bangladesh (9 per cent), and Fiji (8 per cent). All these countries are still enjoying Duty-Free, Quota-Free (DFQF) market access to the UK in terms of exporting their goods under the European Union (EU)'s Everything But Arms (EBA) scheme.

So, considering the Brexit, it was a matter of grave concern for the least developed countries (LDCs) including Bangladesh as to what would happen to their existing DFQF facilities to the UK market, when the latter will finally leave the EU. But in the June of 2017, it came as good news for these countries when the government of UK made a pledge to allow market access to the UK market for the world's poorest countries--around 48 in number, across the globe. Indeed this decision will have a positive impact on the overall economies of Bangladesh as well as 47 other LDCs, particularly for their exports.

The United Kingdom is the third largest importer of Bangladeshi exports. During the July-June period of the 2020-2021 fiscal year, the United Kingdom exported goods worth USD 3,751.27 million, which is 9.8% of Bangladesh's total exports. The main products exported from Bangladesh are Oven (72) (USD, 1,331.02 million), Knitwear (61) (USD 2,113.55 million), Home Textiles (63) (USD 95.60 million). Dollars), crustaceans (0308) (USD 54.39 million) and bi-cycles (612) (USD 45.03 million). Note that the export income of the same period last year was 8.61% higher than 3453.6 million US dollars.

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

SL

HS Code

Item Name

Amount in USD

1

01069000

01069000: OTHER LIVE ANIMALS, NES

706,421,073.56

2

61091000

61091000: T-Shirts, Singlets And Other Vests, Of Cotton, Knitted Or Crocheted

297,220,487.20

3

62034200

62034200: Men'S Or Boys' Bib & Brace Trousers, Breeches, Shorts, Of Cotton

251,969,481.89

4

61102000

61102000: JERSEYS, PULLOVERS, CARDIGANS, WAISTCOATS & SIMILAR ART., KNITTED OR CROCHETED OF COT

246,217,723.80

5

62046200

62046200: Women'S Or Girls' Trousers, Breeches, Etc, Of Cotton

201,245,515.04

6

61046200

61046200: Women'S Or Girls' Trousers, Etc, Of Cotton, Knitted Or Crocheted

161,473,398.60

7

61103000

61103000: JERSEYS,PULLOVERS,CARDIGANS,WAISTCOATS.., KNITTED OR CROCHETED OF MAN-MADE FIBRE

106,985,295.08

8

61082100

61082100: Women'S Or Girls' Briefs And Panties Of Cotton, Knitted Or Crocheted

103,259,085.62

9

62052000

62052000: Men'S Or Boys' Shirts Of Cotton

100,841,587.92

10

61071100

61071100: Men'S Or Boys' Underpants And Briefs Of Cotton, Knitted Or Crocheted

95,985,551.71

11

62121000

62121000: Brassisres

86,724,728.97

12

62034300

62034300: Men'S Or Boys' Bib & Brace Trousers, Breeches & Shorts Of Synthetic Fibres

75,445,339.76

13

61051000

61051000: Men'S Or Boys' Shirts Of Cotton, Knitted Or Crocheted

71,765,905.28

14

61034200

61034200: Men'S Or Boys' Trousers, Etc, Of Cotton, Knitted Or Crocheted

69,533,364.08

15

61112000

61112000: Babies' Garments, Etc, Of Cotton, Knitted Or Crocheted

53,927,789.34

16

03061700

03061700: Other shrimps and prawns

45,277,714.38

17

61083100

61083100: Women'S Or Girls' Night Dresses, Pyjama Etc, Of Cotton, Knitted Or Croched

45,030,994.24

18

87120000

87120000: Bicycles And Other Cycles, Not Motorized

39,537,164.12

19

62046900

62046900: Women'S/Girl'S Trousers,Breeches,Etc,Of Oth.Tex.,(Exl.Wool,Cotton,Syn.Fib.

34,760,512.55

20

62046300

62046300: Women'S Or Girls' Trousers, Breeches, Etc, Of Synthetic Fibres

33,219,269.87

 


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