Australia emerged as the leading destination for Bangladesh exports

 

Over the years, Australia has emerged as the leading export destination for Bangladesh. During the financial year 2022-23, the bilateral trade between the two had gained momentum. As per the Bangladesh import export data, the Australia imports from Bangladesh stood at 1.24 billion dollars in 2022.

The Bangladesh exports to Australia had been growing at 33% annual growth. Australia has now emerged as the 12 most favoured destination for Bangladesh exports operations. Australia contributes around 2% of the Bangladesh total exports.

According to the Bangladesh export data reports, garments, textiles, footwear, leather and jute products were the major imports by Australia from Bangladesh. Other major exports from Bangladesh to Australia include pharmaceuticals, food products, seafood, plastics and live animals.

Bangladesh exports to Australia are mostly dominated by the RMG exports. Bangladesh customs data of 2022 reflects that ready garments exports from Bangladesh to Australia were totaled to be 964 million dollars. Home textile exports from Bangladesh were estimated around 48 million dollars.

While footwear exports worth 5 million dollars and sugar, bread, pastry, fabrics, jams, crustaceans exports were approximately in the range of 1 million dollars. One more reason behind Australia's record RMG, home textile imports was to reduce its dependency for these goods from China. Bangladesh emerged as the best option for the imports of textiles as it is the leading market for quality textile exports.

In terms of imports, Bangladesh imports grew at the rate of 18%. According to the Bangladesh import data reports, Australia's exports to Bangladesh were estimated around 915 million dollars in 2022. In the financial year, 2021, it was 750 million dollars.

As per import export data reports of Australia, legumes, wheat, scrap iron, oilseeds, cereals, and mineral fuels were the major products imported by Bangladesh from Bangladesh. 

In terms of the Agriculture sector, Australia's major agri exports to Bangladesh includes citrus fruits, table grapes, lentils, canola seeds, chickpeas, wheat, cotton, oilseeds and dairy products. Bangladesh agri exports to Australia include cotton, grains, soybeans, grains, tree nuts, fish, beverages and seafood.

Recently, Bangladesh has exported black seed oil for the first time to Australia. Australia has opened the market for Bangladesh black seed oil. Due to its medicinal qualities, black seed oil market could gain momentum in future. It has various benefits such as diabetic control, cure for blood pressure, asthma, and respiratory diseases. Currently, Black seed oil is an 18 million dollar market. As per the experts, it could reach 30 million dollars by the financial year 2027.

Bangladesh and Australia recently held talks on expanding bilateral trade. Bangladesh has shown interest in increasing its imports of wool and cotton from Australia in order to cater the growing demand of textiles and garments exports globally. Bangladesh delegates are in talks with Australian  fashion universities to teach Bangladeshi students about the latest trends in fashion designing, textile and apparel. The trade between the two will further expand in future.

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