Benefits of Pay International BusinessBangladesh aims to become a middle income country by 2021.
The government’s strategic vision for 2021 is a plan for growth through massive investment in infrastructure, skills development and trade. Partnership with the private sector and global donor agencies is expected.Bangladesh Imports: CommoditiesHere are the major and main import commodities of Bangladesh:Machinery and equipmentChemicalsIron and steelTextilesFoodstuffsPetroleum productsCement Bangladesh Imports: PartnersThe following were Bangladesh’s import partners as of 2008:China: 15.
8%India: 15.7%Kuwait: 8.1%Singapore: 7.6%Japan: 4.4% Bangladesh Exports: CommoditiesHere are the major and main export commodities of Bangladesh:Garments (totaling $12.3 B)Seafood and fishjutes goods and juteLeatherBangladesh Trade: Export PartnersThe following were Bangladesh’s export partners as of 2008:United States: 24%Germany: 15.
3%United Kingdom: 10%France: 7.4%The Netherlands: 5.5%Italy: 4.5%Spain: 4.
2% Bangladesh Trade: GrowthThe government of Bangladesh undertook significant steps during the 1980s. Consequently there was a tremendous increase in the export of ready-made-garments and knitwear, which garnered maximum foreign exchange for the country. Cheap labor and low conversion costs are the major factors behind the growth of Bangladesh’s garment industry. Over 3 million Bangladeshis (90% women) are employed in this industry. Bangladesh shares excellent trade relations with the US, showing noteworthy trade surplus with the latter. The country is an active partner of the Asia Pacific Trade Agreement and the World Trade Organization.
A number of Export processing zone have been set up by the government to increase economic growth by attracting foreign investment. Fiscal YearTotal ExportTotal ImportForeign Earnings2007-2008$14.11b$25.205b$8.9b2008-2009$15.56b$22.00b+$9.68bStrengths of the Bangladesh market include:annual progress rate of at least 5.3% over the last 16 yearsstable credit ratingclose to issuing first Sovereign Bondpoverty levels cut by half in the last decadecompetitive labour forceReady Made Garment ( RMG ) export levels quadrupled in 5 years