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Export and Import Situation of Bangladesh

Export and Import Situation of Bangladesh

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Published by Zim-Ud -Daula
A analysis of the current export and import scenario of Bangladesh.
A analysis of the current export and import scenario of Bangladesh.

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Published by: Zim-Ud -Daula on Aug 09, 2012
Copyright:Attribution Non-commercial

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03/20/2014

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Export-Import of Bangladesh
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Introduction
Foreign trade is of vital importance to the economic development of Bangladesh. Thecountry's import needs are large and the imperative to increase exports is immediate. Inorder to finance those imports and also to reduce the country's dependence on foreignaid grants, the government, since liberation, has been trying to enhance foreignexchange earnings through planned and increased exports. The significance of foreigntrade to the economy is manifest in a number of facts and figures.In 1991-92, foreign trade's contribution to government revenue was more than 37percent; export-oriented industries' contribution to industrial value-addition was 56percent; export industries' share of employment in the manufacturing sector was 60percent, and the growth of export earnings was 16.09 percent. During the last decadeexport earnings at current dollar prices increased by 14 percent per annum. At present, major exports are raw jute, jute goods, tea, leather, frozen fish and read-made garments, while major imports are capital goods, food grains, petroleum and oil,yarn and textiles.
 
Export-Import of Bangladesh
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Import Situation in Bangladesh
Agents and Distributors:
 The main channel for selling goods in Bangladesh is through a local agent, i.e., anagent, wholesaler or distributor. If authorized, companies may use their local agents toservice industrial consumers and bid on government contracts.More than half of Bangladesh's imports are made through tender or direct purchase bypublic sector corporations, government controlled corporations, and autonomousbodies. These organizations prefer to deal with local firms acting as exclusive agents or distributors of foreign manufacturers and suppliers. Foreign firms should consider hiringan exclusive agent/distributor to monitor these projects. Agent-principle agreements may be either exclusive or non-exclusive. Non-exclusivearrangements are common for commodities where brand names are not important.
Import Restrictions:
 The government has moved to reduce the number of items on its list of banned importsand has eliminated the need for import licenses. However, some products are stillbanned from importation, including certain maps, obscene materials, socially or religiously offensive items, all types of wastes, and substandard or rejected goods, aswell as all imports from South Africa or Israel. All commercial importers are issued pass books in which their import authorizations arevalidated. The issuance of a pass book is a formality for items not on the controlled or restricted lists. Pass books are valid for 12 months
 
Export-Import of Bangladesh
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Import Duties:
 Despite some recent reductions, tariffs in Bangladesh remain high, averaging over 50percent. At the recommendation of the World Bank, Bangladesh has placed a 100percent tariff ceiling on most goods, with the intention of bringing the ceiling down to 60percent in fiscal year 1993-94. A value-added tax (VAT) of 10 to 20 percent andadditional fees, typically adding up to 15 percent of the cost and freight value, are alsoapplied to imports.Duties are reduced to 2.5 percent for installation of imported machinery in lessdeveloped areas. Duties are also reduced to 2.5 percent for capital machinery andfactories which use 70 percent or more indigenous materials and for importedmachinery for export-oriented industries. Exemptions from duties and the import salestax are available for a variety of goods.
Documentation:
 Documentation required for commercial shipments to Bangladesh include a commercialinvoice, bill of lading or air waybill, an insurance certificate that must be underwritten bythe Sadaran Bima Corporation or any Bangladesh insurance company, and pro formainvoice. A certificate of origin may be requested.
General import regulations and requirements
Importing most goods does mot require animport license.All importers must beregistered with the Ministry of Commerce. Some goods are restricted or prohibited. Seelists below under heading "

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