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Bangladesh’s imports from China have witnessed rapid growth, exceeding Tk1 lakh crore again in the fiscal year 2020-21 despite the coronavirus pandemic.
Before that, the import figure crossed Tk1 lakh crore in FY19.
When the Covid-19 outbreak began in Bangladesh in March 2020 and the government imposed restrictions on public movement, the local market demand fell. Yet, imports rose.
China has become one of Bangladesh’s major import partners. Bangladesh’s imports from the East Asian country stood at Tk 1.14 lakh crore in FY19, Tk 97,399 crore in FY20, and Tk 1.09 lakh crore in FY21.
In the last five years, Bangladesh’s imports from China rose by Tk 33,453 crore. In FY12, Bangladesh’s imports from China amounted to Tk 50,538 crore.
According to the central bank, China is currently Bangladesh’s largest import partner, followed by India, Singapore, and the US. China accounted for 21 per cent of Bangladesh’s imports in FY21, with India making up 14 per cent and Singapore 4 per cent.
That year, Bangladesh’s top imports from China were nuclear reactors, boilers, and machinery and mechanical appliances and their parts, costing Tk 17,086.5 crore and making up 15.6 per cent of total imports from the East Asian country.
Also, cotton held the second largest share of imports from China, amounting to Tk 13,068.9 crore.
According to the central bank data, Bangladesh’s import payments amounted to Tk 5.22 lakh crore in FY21, up 11.83 per cent than last year.
Bangladesh’s import payment was Tk 5.28 lakh crore in FY19, Tk 4.85 lakh crore in FY18, Tk 3.8 lakh crore in FY17, and Tk 3.13 lakh crore in FY16.
The rapid import expenditure growth had mainly helped in the development of industries and infrastructure, said analysts. They said the government had taken time-befitting initiatives to maintain international trade.
Bangladesh’s top global import in FY21 was cotton, amounting to Tk 53,654.3 crore, followed by mineral products.
