Bangladesh-Australia trade has increased significantly in the past decade and is continuing to be on a growth trajectory. Despite strong growth, true potential of bilateral trade is yet to be achieved. Two-way trade approximately tripled in just a decade reaching over US$ 2.5 billion in 2018-19 while two way trade in goods were worth $1.9 billion. Bangladesh’s export to Australia mainly comprises readymade garments, woven apparels, knitwear, textile manufactures, home textile, leather goods and footwear, processed food, fish, jute goods etc. Major Australia’s export consists of cotton, vegetables, wheat, lentil and pulses, milk cream and other dairy products, fertilizers, oil seeds, primary plastic products, machinery and transport equipment, scraps and some other industrial raw materials.
Special Access of Bangladesh Goods in Australian Market: Since 01 July 2003, Bangladesh products have been enjoying duty-free-quota-free access to Australian market subject to fulfilment of Rules of Origin (RoO) criteria.
Bangladesh-Australia trade in past five years was as below:Fo!UcMMsvxrJLupdrmFu1Led
Bangladesh’s export to NSW, amounting to A$ 385 million, constituted 36% of her total export to Australia in 2018-19 FY. Export of major items to NSW is shown in the table below:
Exports to NSW have been largely dominated by articles of apparels and clothing as demonstrated in the charts below:
Export growth of Bangladesh was second highest globally over the period of 2008-2018, according to World Statistics Review 2019. Average annual export growth was 9.8 per cent during this period. Apart from the world renowned apparel sector, Bangladesh has proven competitiveness and demonstrated capacity in leather goods and footwear, processed food, fish, jute goods etc. The pharmaceutical industry and ICT industry have been showing strong performances in exports and domestic production in recent times. Approximately 1200 pharmaceutical products received registration for export over the last two years and are being exported to more than 100 countries including USA, UK, Australia and Africa. The government has declared ICT sector as a thrust sector and set a target to reach US$5 billion in export from ICT sector by the year 2021. Shipbuilding and light engineering sectors are also demonstrating impressive export potentials.