Bangladesh has crossed a major milestone in its trade relations with the United Kingdom, with exports reaching $5 billion for the first time in history. In the just-concluded fiscal year 2022-23, merchandise exports to the UK peaked at $5.3 billion, up from $4.8 billion in the previous year and $2.7 billion a decade ago.
The export composition predominantly comprised of knitwear and woven garments, constituting around 80% of the total. Notably, ready-made garments (RMG), along with frozen food, IT engineering, leather and jute goods, and bicycles, played pivotal roles in this achievement. On the other hand, imports from the UK amounted to $380 million during the first 11 months of the fiscal year, projected to reach $450 million by year-end.
Bangladesh’s overall exports experienced a growth rate of 6.67% in the last fiscal year, reaching a total of $55.55 billion. Undoubtedly, the apparel sector emerged as the primary driver of this remarkable expansion, propelling the UK to become Bangladesh’s third-largest export destination, trailing only the European Union and the United States.
This milestone is a testament to the strong economic ties between Bangladesh and the UK. The two countries have a long history of trade, and this relationship is only likely to grow stronger in the years to come.