Bangladesh鈥檚 bilateral trade with the United States reached $10.58 billion in 2024, with a trade surplus of $6.15 billion, driven primarily by the country鈥檚 competitive advantage in garment manufacturing.
According to data from the US Department of Commerce, the US imported $8.37 billion worth of goods from Bangladesh in 2024, while exports to Bangladesh stood at $2.21 billion.
The US supplied Bangladesh with industrial raw materials and capital machinery, both of which featured prominently in the country鈥檚 import basket.
In a major shift in global trade policy, US president Donald Trump on Wednesday announced hefty tariffs on multiple countries, marking the day as America鈥檚 鈥楲iberation Day.鈥�
As part of this new approach, Bangladesh has been slapped with a whopping 37 per cent tariff.
This move has sparked concerns about the potential economic fallout and declining trade competitiveness for Bangladesh.
Currently, most Bangladeshi goods face a 15 per cent tariff in the US.
The US data showed that Bangladesh鈥檚 largest import category from the US in 2024 was iron and steel, valued at $658 million, followed by oil seeds and grains at $351 million, cotton at $252 million, and organic chemicals at $198 million.
According to the industry people, Bangladesh鈥檚 construction and manufacturing industries, including shipbuilding and infrastructure development, rely heavily on imports of US iron and steel.
In the agricultural sector, oil seeds such as soybeans, along with various grains, play a crucial role in supporting the country鈥檚 food processing and livestock industries.
Bangladesh鈥檚 textile and garment industry, a critical pillar of the country鈥檚 economy, depends significantly on US cotton imports to produce high-quality apparel for international markets.
Additionally, organic chemicals are widely used in pharmaceuticals, dyes and textile processing.
Other significant imports included mineral fuel and oil valued at $188 million and food industry residues and waste at $87 million.
Bangladesh鈥檚 imports of US machinery, including nuclear reactors and boilers, was valued at $55 million in 2024, while electric machinery and sound equipment imports stood at $47 million.
Aircraft and spacecraft parts were also among the imported items, with a value of $43 million in the year.
Additionally, Bangladesh imported optical, medical, and surgical instruments worth of $42 million, paper and paperboard worth of $38 million, and an equal amount of cereals, the US data showed.
In 2024, Bangladesh exported a total of $8.37 billion in goods to the US, with the largest share coming from apparel, which amounted to $7.06 billion.
Other significant exports included headgear, valued at $324 million, and footwear, contributing $243 million.
Bangladesh鈥檚 exports of textile art and needlecraft sets stood $179 million, while preparations of feathers and down were valued at $126 million.
Leather products, including saddlery, amounted to $100 million.
Exports of optical, photo, medical or surgical instruments stood at $36 million and plastics at $22 million.
Bangladesh鈥檚 pharmaceutical products exports to the US in 2024 amounted for $21 million, the US data also showed.
