Foreign trade in Bangladesh
Bangladesh has one of the most important economies in the south Asian countries. Trade of Import Export in Bangladesh is rapidly growing. At present, Bangladesh is one of the major Readymade Garment’s exporting country into the world and also playing a leading role of Vegetable goods, Sea & frozen foods, Jute products, Shrimp & lobster, Crab & Eel fish, Leather & fashion wear and so on.
The country has shown that its economy is reliable and stable. Import export activities in Bangladesh doing basically with The USA, Middle East and European countries and the country relies on its manufacturing goods for exports.
Bangladesh is a founding member of the World Trade Organization and is a member of the G8. Bangladesh managed its good foreign trade relations through the Middle East, The USA, Russia, Japan, Australia and European countries. The country always follows the main guidelines for trade applicable to the USA, the Middle East, Russia, and EU countries. If you interested to open a company in Bangladesh, our company formation experts in Bangladesh can help you know everything about the company registration process at RJSC. The RJSC (Office of the Registrar of Joint Stock Companies and Firms) is the only legal authority of company registration in Bangladesh.
If you wants to start foreign Trades in Bangladesh, at first needs Company Formation and afterwards, needs essential couple of certificates for export and Import business such as you Export Registration Certificate, Import Registration Certificate, Trade License, VAT Registration Certificate, TIN Certificate and arrange more documents if needed for special business purpose.
Export in Bangladesh
Bangladesh is a country that has owns important of agricultural resources, both crops and vegetables. The country is rich in sea foods and is an important producer of Shrimp and lobster, Jute goods and others. Some of the most important products exported by Bangladesh are: Readymade Garments, Electric Cable, Handicrafts, Sea & frozen foods, Shrimp & lobster, Crab & Eel fish, Hilsha fish, Vegetable goods, agricultural products and Fruit Juice & beverage.
At present, Bangladesh is the 2nd biggest knit garments and 7th largest potato exporting country in the world. Bangladesh exports potato to EU, Middle East, Russia and other countries. Norway now establishes joint Venture Company for potato processing plant to import potato biased products from Bangladesh.
Bangladesh’s major export partners are: The USA, the Middle East, Russia, Japan, the United Kingdom, Australia and EU countries.
Import in Bangladesh
Most of the products imported by Bangladesh are needed for consumption, as the country is not self dependent of food grains on imported goods from India, China, Thailand, Australia and other countries. Bangladesh import products necessary for industrial equipment and raw goods for manufacturing industries. The products imported by Bangladesh include: petroleum, vehicle parts, industrial machinery, cars, garments accessories, chemicals, lorry, medicine raw, computers, electric products and cereals like wheat, edible oil, lentil, spice etc.
The main importing partners are China, India, Saudi Arabia, Germany, Italy, Central Asian Countries and Pakistan.
Bangladesh Government is welcoming of entrepreneurs for foreign investments who interested to open a Bangladeshi company. The government offers various benefits for investors, incentives and special areas for investment in Bangladesh that have privilege conditions for developing industries.