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Economy of Bangladesh

Bangladesh, formally Republic of Bangladesh, is a nation located in the South Asian region. Despite the political tension, poor substructure setup, higher rate of corruption, slow execution of economic reorganizations and financial crisis, the economy of Bangladesh has grown a decent pace since these crises in 1996. Bangladeshi people depend a lot on garment exports, and it is consider as the backbone for the economy of Bangladesh. Some of the other notable industries of this country include agriculture, garments, paper, leather, fertilizer, pharmaceuticals, ceramics and tea. Bangladesh is also the world’s third-largest clothes-export industry. A high percentage of GDP is generated by the service sector of the country.

Bangladesh is ranked 44 in terms of largest economy (purchasing power parity) with estimated $324.6 billion as per the calculations of 2013. Dhaka is the capital and also the largest city of Bangladesh. The fiscal year of Bangladesh is from 1 July to 30 June. The firm garment export growth along with the transfer of funds from overseas Bangladeshis was 13% of the GDP in the year 2013. The good thing about Bangladesh is that it is developing at a rapid pace, which is surely going to attract the foreign investors. The estimated real economic growth rate of Bangladesh was 5.8% in 2013.

Imports of Bangladesh

Bangladesh imports a heavy amount of machinery & equipment, chemicals, iron, steel, textiles, foodstuffs, petroleum items and cement to fulfill its internal needs. The prime import partners of Bangladesh comprise China, India, Malaysia, South Korea and Japan. It is estimated that the imports of Bangladesh were $32.94 billion in the year 2013.

Exports of Bangladesh

Bangladesh is the compelling force for economic development and growth and it is regarded as the next Asian Tiger Economy, courtesy of its textile exports. Apart from textile, some of the other major exports of Bangladesh include paper, leather, fertilizer, pharmaceuticals, ceramics and tea. In the year 2013, the estimated exports of Bangladesh were $26.91 billion. Some of the major exporting partners of Bangladesh are United States, Germany, United Kingdom, Canada, Spain and Italy.

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Capital
Dhaka
Dialing Code
+880
Fiscal Year
1 July - 30 June
Currency
Taka (BDT)
GDP
$224,000,000,000
Exports
$23.86 billion (2011 est.) | Garments, Frozen Fish And Seafood, Jute And Jute Goods, Leather
Imports
$31.75 billion (2011 est.) | Machinery And Equipment, Chemicals, Iron And Steel, Textiles, Foodstuffs, Petroleum Products, Cement
Industries
Cotton Textiles, Jute, Garments, Tea Processing, Paper Newsprint, Cement, Chemical Fertilizer, Light Engineering, Sugar