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Bangladesh in South Asia a multicultural nation with a population of 163 million has some dominating religions like Islam, Hinduism, Buddhism, and Christianity which makes the country a complex religious nation rich in cultural ethnicity. The country home to several wildlife reserves and national parks has a rich biodiversity among which the wildlife reserves like Sundarbans Reserve Forest, Cox's Bazar National Park, Lawachara National Park, ema-Kalenga Wildlife Sanctuary, Kaptai National Park, Blawali Wildlife Sanctuary, Saint Martin's Island are the hot topic of discussion across the globe. Despite several challenges and minimal political instability, the country is still emerging as one of the most highly growing economies across the globe in 2023.
With the increase in productivity rate and tremendous growth in the engagement of skilled working professionals, the country has been emerging as one of the top traders across the globe. The robust economic growth of the nation is all because of the Strong Export Sector, Investment in Infrastructure, Demographic Dividend, Economic Reforms, Global Integration, Development of the IT Sector, Remittances, Tourism and Hospitality, Government Initiatives, and Social progress. All these attributing factors have made the country record a GDP of 390 billion US dollars in 2023.
TOP 10 GOVERNMENT INITIATIVES BEHIND THE GROWING ECONOMY OF BANGLADESH
The increasing investment of the government authorities behind the trade rates of the nation is the dominating factor of its globally rising economy. According to the Bangladesh Trade Data, the top 10 government initiatives of the authorities behind the growing economy of the nation are discussed below,
Vision 2021
Digital Bangladesh Initiative
Power and Energy Development
Export-Oriented Industrial Policy
Establishment of Special Economic Zones (SEZs)
Poverty Reduction and Social Safety Net Programs
Bangladesh Investment Development Authority (BIDA)
Rural Infrastructure Development
National Skills Development Policy (NSDP)
Remittance-Driven Development Policies
TOP INTERNATIONAL IMPORTS OF BANGLADESH
The Bangladesh Import Data enlists the below-mentioned products as the top imports of the nation supplying its domestic needs. The valuations of the products with their product variations are discussed below,
(HS code - 27)Petroleum products – Market value of Petroleum products 2023 – 6 billion US dollars
IMPORT VARIATIONS
1. Crude Oil
2. Diesel (High-Speed Diesel)
3. Liquefied Petroleum Gas (LPG)
4. Jet Fuel (Aviation Turbine Fuel)
5. Furnace Oil
(HS code - 59)Textiles– Market value of Textiles 2023 – 4 billion US dollars
IMPORT VARIATIONS
1. Cotton
2. Man-Made Fibers (MMF)
3. Yarn
4. Fabrics
5. Textile Dyes and Chemicals
(HS code - 84)Machinery – Market value of Machinery 2023 – 2 billion US dollars
IMPORT VARIATIONS
1. Textile Machinery
2. Electrical Machinery and Equipment
3. Construction Machinery
4. Agricultural Machinery
5. Industrial Machinery
(HS code - 72)Iron and steel– Market value of Iron and steel 2023 – 1 billion US dollars
IMPORT VARIATIONS
1. Hot-Rolled Steel
2. Cold-Rolled Steel
3. Steel Bars and Rods
4. Galvanized Steel
5. Iron and Steel Scrap
(HS code - 96)Electronics– Market value of Electronics 2023 – 1 billion US dollars
IMPORT VARIATIONS
1. Mobile Phones
2. Computers and Laptops
3. Television Sets
4. Semiconductors and Electronic Components
5. Home Appliances
TOP INTERNATIONAL EXPORTS OF BANGLADESH 2023
According to the Bangladesh Export Data, the top international exports of the nation in 2023 with their variations and subcategories are discussed below,
(HS code - 62)Garments – Market value of Garments 2023 – 44 billion US dollars
EXPORT VARIATIONS
1. Knitwear
2. Woven Garments
3. Hoodies and Jackets
4. Sportswear and Activewear
5. Undergarments and Lingerie
(HS code - 59)Textiles– Market value of Textiles 2023 – 9 billion US dollars
EXPORT VARIATIONS
1. Cotton Fabrics
2. Knit Fabrics
3. Denim Fabrics
4. Home Textiles
5. Jute Fabrics
(HS code - 84)Agricultural products– Market value of Agricultural products 2023 – 7 billion US dollars
EXPORT VARIATIONS
1. Jute and Jute Products
2. Frozen Fish and Seafood
3. Tea
4. Vegetables
5. Fruits
(HS code - 42)Leather goods– Market value of Leather goods 2023 – 2 billion US dollars
EXPORT VARIATIONS
1. Leather Footwear
2. Leather Bags and Accessories
3. Leather Jackets
4. Leather Gloves
5. Leather Upholstery
(HS code - 29)Pharmaceuticals– Market value of Pharmaceuticals 2023 – 1.5 billion US dollars
EXPORT VARIATIONS
1. Generic Medicines
2. Antibiotics
3. Hormonal Products
4. Cardiovascular Drugs
5. Anti-Cancer Drugs
TOP PRODUCERS OF BANGLADESH IN 2023
The globally growing economy of the nation is a result of the efficient productivity of the companies working for proper maintenance of the export trade rates. According to the Bangladesh Customs Data, the top 10 producers of Bangladesh in 2023 with their market values are discussed below,
Beximco Pharmaceuticals Ltd – Market value of Beximco Pharmaceuticals Ltd 2023 – 5 billion US dollars
Square Pharmaceuticals Ltd – Market value of Square Pharmaceuticals Ltd 2023 – 4 billion US dollars
Bashundhara Group – Market value of Bashundhara Group 2023 – 2 billion US dollars
ACME Laboratories Ltd – Market value of ACME Laboratories Ltd 2023 – 1 billion US dollars
PRAN RFL Group – Market value of PRAN RFL Group 2023 – 800 million US dollars
Grameenphone Ltd – Market value of Grameenphone Ltd 2023 – 700 million US dollars
Young One Corporation – Market value of Young One Corporation 2023 – 600 million US dollars
Unilever Bangladesh Ltd – Market value of Unilever Bangladesh Ltd 2023 – 500 million US dollars
Apex Footwear Ltd – Market value of Apex Footwear Ltd 2023 – 400 million US dollars
Robi Axiata Limited – Market value of Robi Axiata Limited 2023 – 300 million US dollars
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