Bangladesh imported US$64.6 billion worth of products from around the globe in 2023.

That calculated dollar metric results from a 10.8% upturn from $58.3 billion five years earlier in 2019.

Year over year, the total cost for Bangladeshi imported goods shrank -26.8% compared to $88.4 billion for 2022.

Based on the average exchange rate for 2023, the Bangladeshi taka depreciated by -25.9% against the US dollar since 2019 and diminished by -15.9% from 2022 to 2023. The weaker local currency in Bangladesh makes its imports paid for in stronger US dollars relatively more expensive when converted starting from the Bangladeshi taka.

Given Bangladesh’s population of 170.3 million people, its total $64.6 billion in 2023 imports translates to roughly $380 in yearly product demand from every person in the densely populated South Asian country. That dollar metric falls below the average $390 per capita for 2022.

Bangladesh’s Top 10 Imports

The following product groups represent the highest dollar value in Bangladesh’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Bangladesh.

1. Mineral fuels including oil: US$10.9 billion (16.9% of total imports)
2. Cotton: $6.6 billion (10.1%)
3. Machinery including computers: $5.2 billion (8%)
4. Electrical machinery, equipment: $3.9 billion (6%)
5. Iron, steel: $3.5 billion (5.4%)
6. Plastics, plastic articles: $2.3 billion (3.5%)
7. Animal/vegetable fats, oils, waxes: $2.1 billion (3.3%)
8. Manmade staple fibers: $1.9 billion (2.9%)
9. Knit or crochet fabric: $1.77 billion (2.7%)
10. Manmade filaments: $1.68 billion (2.6%)

Bangladesh’s top 10 imports approach two-thirds (61.5%) of the overall value of its product purchases from other countries.

The most modest declines among Bangladesh’s leading imports were for imported manmade filaments (down -17.4% from 2022), manmade staple fibers (down -18.1%), electrical machinery and equipment (down -18.5%), iron and steel (down -19.9%).

Please note that the product category results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below at the more granular 4-digit HTS level.

Delving into the more detailed HTS codes, the top 10 products imported into Bangladesh in 2023 were processed petroleum oils (11.5%), raw cotton (3.4%), iron or steel scrap (2.7%), mostly cotton yarn (2.2%), electrical energy (2.2%), palm oil (also 2.2%), synthetic yarn woven fabrics (1.9%), coal including solid fuels made from coal (1.8%), sugar (1.7%) and mostly cotton woven fabrics (1.6%).

Collectively, the specified major imports represent almost one-third (31.3%) of all Bangladeshi imported goods.

Bangladesh’s Imports of Mineral Fuels and Related Products

In 2023, Bangladeshi importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Processed petroleum oils: US$7.4 billion (down -34% from 2022)
2. Electrical energy: $1.4 billion (up 164.8%)
3. Coal, solid fuels made from coal: $1.2 billion (down -4.3%)
4. Petroleum gases: $702.9 million (down -74.1%)
5. Crude oil: $139.9 million (up 143.4%)
6. Coke, semi-coke: $11.7 million (down -16.2%)
7. Petroleum jelly, mineral waxes: $9.9 million (down -32.7%)
8. Coal tar oils (high temperature distillation): $5 million (down -4.9%)
9. Petroleum oil residues: $2.5 million (down -96.5%)
10. Distilled tar: $2.4 million (up 7.8%)

Among these import subcategories, Bangladeshi purchases of electrical energy (up 164.8%), crude oil (up 143.4%) then distilled tar (up 7.8%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Bangladeshi businesses and consumers.

Bangladesh’s Imports of Cotton and Related Products

In 2023, Bangladeshi importers spent the most on the following 10 subcategories of cotton and related products.

1. Cotton (uncarded, uncombed): US$2.2 billion (down -22.3% from 2022)
2. Yarn (85%+ cotton): $1.4 billion (down -26.6%)
3. Woven fabrics (85%+ cotton): $1 billion (down -27.5%)
4. Woven cotton fabrics: $724 million (down -25.7%)
5. Woven fabrics (mixed): $705.4 million (down -31.9%)
6. Woven fabrics (under 85% cotton): $235.3 million (down -22.7%)
7. Yarn (under 85% cotton): $106.8 million (down -43%)
8. Other woven fabrics: $62.1 million (down -20.6%)
9. Cotton waste: $12 million (down -35.2%)
10. Cotton (carded, combed): $8.5 million (down -97.2%)

Among these import subcategories, Bangladeshi purchases of miscellaneous woven fabrics (down -20.6%), uncarded and uncombed cotton (down -22.3%) then woven fabrics made from under 85% cotton (down -22.7%) reduced at the slowest pace from 2022 to 2023.

These amounts and the percentage changes within parenthesis clearly show where the strongest demand lies for different types of imported cotton among Bangladeshi businesses and consumers.

Bangladesh’s Imports of Machinery Including Computers

In 2023, Bangladeshi importers spent the most on the following 10 subcategories of machines including computers.

1. Computers, optical readers: US$270 million (down -15% from 2022)
2. Air or vacuum pumps: $251.1 million (down -20%)
3. Liquid pumps and elevators: $238.2 million (down -1.7%)
4. Textile fiber work machines: $232.4 million (down -40%)
5. Lifting/loading machinery: $216.5 million (down -6.9%)
6. Turbo-jets: $212.6 million (down -1.1%)
7. Yarn wash/clean/iron machines: $208.5 million (down -39.9%)
8. Miscellaneous machinery: $187.4 million (down -27.8%)
9. Taps, valves, similar appliances: $176.1 million (down -9.6%)
10. Centrifuges, filters and purifiers: $164.6 million (down -17.8%)

Among these import subcategories, Bangladeshi purchases of turbo-jets (down -1.1%), liquid pumps and elevators (down -1.7%) then lifting or loading machinery (down -6.9%) reduced at the slowest pace from 2022 to 2023.

These amounts and the percentage changes within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Bangladeshi businesses and consumers.

Bangladesh’s Imports of Electrical Items

In 2023, Bangladeshi importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Phone devices including smartphones: US$825.4 million (down -34.1% from 2022)
2. Electrical converters/power units: $387.6 million (down -1.1%)
3. Electrical/optical circuit boards, panels: $275.6 million (up 28.9%)
4. Insulated wire/cable: $258.7 million (down -21.2%)
5. Electric generating sets, converters: $227.8 million (down -8.8%)
6. Integrated circuits/microassemblies: $193.9 million (up 2.3%)
7. Unrecorded sound media: $164.3 million (down -10.2%)
8. Electric storage batteries: $131.3 million (up 0.6%)
9. Electric motors, generators: $123.8 million (down -5.1%)
10. Lower-voltage switches, fuses: $115.7 million (down -11.7%)

Among these import subcategories, Bangladeshi purchases of electrical or optical circuit boards and panels (up 28.9%), integrated circuits and microassemblies (up 2.3%) then electric storage batteries (up 0.6%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Bangladeshi businesses and consumers.
 

See also Bangladesh’s Top 10 Exports, Top Exported Hats by Country, Top Exported Baby Clothing Sales, and Cotton Imports by Country

Research Sources:
Central Intelligence Agency, The World Factbook report on South Asia: Bangladesh. Accessed on September 14, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on September 14, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 14, 2024

International Trade Centre, Trade Map. Accessed on September 14, 2024