Bangladesh and its economic relationship with the Philippines
After decades of severe poverty, unemployment, and poor economic management, Bangladesh has been hailed as one of the developing world’s economies. Bangladesh’s marketplaces have become more accessible because of market liberalization, and the nation is now a major producer of clothing and footwear. Electronics, iron and steel, plastics, and synthetic staple fibers are the country’s leading imports. The country has found its major share of trading partners that help in its economic growth through the export and import of products. One such trade ally of Bangladesh is the Philippines. Despite its reliance on agriculture, Bangladesh is also a manufacturing and industrial powerhouse and is expected to rank among the top economies in the world in the years to come. South Asian traders must seize this chance to grow their businesses in Bangladesh.
Asian trade development hubs are growing in Bangladesh and the Philippines. The Philippines is in Southeast Asia, while Bangladesh is in South Asia. Regarding recognition and financial support during times of need, the two countries’ bilateral connection has increased. Each nation has a history of importing goods that help the other’s economy. The study looks at causes that may have improved or harmed commercial ties between the two nations according to the Bangladesh import data and trade data. The goal was to support lawmakers and raise the likelihood of a successful import trade connection between Bangladesh and the Philippines. In this article, we will look further at what Bangladesh imports from the Philippines based on the Bangladesh import data and Bangladesh trade data.
Economic import history
During the 2013–2014 fiscal year, Bangladesh imported items worth US$78.22 million and 19.32 million from the Philippines as per the Bangladesh import data. According to the stats and trade data, Bangladesh is the Philippines’ third-largest trading partner in South Asia. A bank in the Philippines was used to launder US$81 million that was taken from Bangladesh Bank in February 2016. Of the stolen funds, the Philippines has received $15 million.
Top Bangladesh imports from the Philippines
Here is a general idea of some of the common products that Bangladesh typically imports from the Philippines as per the Bangladesh import data:
- Electronics and Electrical Equipment ($250.04K): This category may include items such as electronic components, consumer electronics, and electrical machinery.
- Plastic ($76.65K): The Philippines is known for exporting plastic and plastic-based products. Bangladesh imports these products for its domestic market.
- Seafood ($203.62K): The Philippines is a significant exporter of seafood products, including fish, shrimp, and prawns. Bangladesh does import seafood to meet its demand.
- Chemicals and Chemical Products ($8.14K): Chemicals, including pharmaceuticals and chemical raw materials, are a huge part of Bangladesh’s imports from the Philippines.
- Machinery and Equipment ($5.95M): Bangladesh imports various machinery and equipment for industrial and manufacturing purposes from the Philippines.
- Mineral Products ($21.38M): This category may include minerals, ores, and mineral fuels.
- Apparel and Textiles ($5.95K): The Philippines has a growing textile and garment industry and Bangladesh imports clothing and textile products from the Philippines.
Please note that trade relationships and import/export patterns can change over time, so it’s essential to refer to the latest trade statistics or consult official sources for the most up-to-date information on Bangladesh’s imports from the Philippines. You can check with the Bangladesh trade data and government agencies or international trade organizations for the most recent data on bilateral trade between the two countries.
Conclusion
Bangladesh imported $32.3 million from the Philippines in 2021. Scrap iron ($10.1M), malt extract ($4.56M), and non-retail mixed cotton yarn ($2.8M) were the primary exports from the Philippines to Bangladesh. From $361k in 1995 to $32.3M in 2021, Bangladesh imports from the Philippines have grown at an annualized rate of 18.9% during the past 26 years. According to the Bangladesh import data, the trade relations between the two countries have grown immensely in the recent past in terms of import-export of products. This was all about some major imports of Bangladesh from the Philippines. Keep track of the trading data between the two countries to know more about the global import-export done by the two countries at the international level.
Source URL: https://medium.com/@tradeimex11/what-does-bangladesh-import-from-the-philippines-5dc856bdbb05