Bangladesh-Australia trade increases
The value of bilateral trade between Bangladesh and Australia increased to A$495 million in 2008-09 from A$281 million in 2007-08 according to trade statistics released recently by the Australian Government.
This included a big jump in the value of Bangladesh exports to Australia to A$119 million from A$43 million – an increase of 174 per cent.
Australian High Commissioner Dr Justin Lee met Bangladesh Commerce Minister Lt. Col. (rtd) Faruk Khan on 8 February to inform him of the good trade news.
Dr Lee noted there was a significant increase in garment and textile exports to Australia, suggesting Bangladesh producers were beginning to take advantage of the duty free and quota free access to the Australian market offered to them since 2003.
He also said, “Bangladesh exporters may have chosen to diversify into the strong Australian market due to slowdowns elsewhere with the global downturn. We hope to see this trade consolidate and grow in the future.”
The High Commissioner explained that despite the strong growth in Bangladesh exports, Australia retained a trade surplus with Bangladesh. He noted that this did not disadvantage Bangladesh because Australian imports were mostly basic foodstuffs, which contribute to food price stability, or raw materials used in Bangladesh’s own value-added manufacturing and export industries.
Commerce Minister Faruk Khan welcomed the increase in bilateral trade and jump in Bangladesh exports to Australia. He encouraged Australia to also consider importing products from Bangladesh’s shipbuilding sector, jute and information technology.
Major Bangladesh exports to Australia include garments, textiles and fertilizer. Major Australian exports to Bangladesh include vegetables, wheat, dairy products, minerals and plastics.
Australian High Commission, Dhaka
8 February 2010
For further information please contact:
Senior Research and Communications Officer, AHC, Dhaka.
Tel: 8813105, E-mail: [email protected]