Jagannath University

Assignment on Trade Relationship between

Bangladesh and ASEAN Countries

Submitted To
Dr. Shaikh Rafiqul Islam
Professor, Department of Marketing
Faculty of Business Administration

Submitted By
Subject: Global Marketing (EMKT-6501)
MBA (Evening) Program
Department of Marketing
Team Nisorgo Members
Sl Name ID Batch, Section
1 Md. Easin Siddik M160204794 8th (B)
2 Sabbir Hossain M19170204584 17th (B)
3 S.M Aminul Haque Rana M19170204587 17th (B)
4 Md. Rajibul Islam Sajib M19170204590 17th (B)

Date of Submission: May 29, 2021

Page 1 of 19
Table of Contents
Executive Summary ................................................................................................................... 3
Introduction ................................................................................................................................ 3
Trade Relationship between Bangladesh and ASEAN Countries ............................................. 5
Bilateral trade between Bangladesh and ASEAN Countries ..................................................... 6
Trade Relation with Brunei Darussalam .................................................................................... 6
Trade Relation with Thailand .................................................................................................... 7
Trade Reletion with Indonesia ................................................................................................... 8
Trade Realtion with Myanmar ................................................................................................. 10
Trade Relation with Vietnam ................................................................................................... 11
Trade Relation with Malaysia .................................................................................................. 12
Trade Relation with Philippine ................................................................................................ 13
Trade Relation with Singapore ................................................................................................ 14
Treade Relation with Cambodia .............................................................................................. 15
Economic Cooperation with Laos ............................................................................................ 16
Export Performance ................................................................................................................. 16
Import Performance ................................................................................................................. 16
Trade Balance .......................................................................................................................... 16
Export-Import Ratio ................................................................................................................. 16
Exported Manpower................................................................................................................. 17
ASEAN & Bangladesh relation New trade trajectory ............................................................. 17
Negotiations for FTA with Asean underway ........................................................................... 17
Recommendations .................................................................................................................... 18
Conclusion ............................................................................................................................... 19
References: ............................................................................................................................... 19

Page 2 of 19
Executive Summary
The government of Bangladesh wants to reduce the dependency on export from the West by
creating a new market for East and Southeast Asian countries. The study aims to evaluate the
present trade relationship of Bangladesh with ASEAN countries and to provide the strategies
to develop this trade relationship. The data of export and import of Bangladesh with ASEAN
countries have been analyzed. The study has used financial ratio, percentage, growth, etc. Our
results indicate that the growth rates of export are fluctuating but increasing positively and the
average growth rate of export is 16%. The average import from ASEAN is 16%, while the
average export to ASEAN is only 1.6%. The growth rates of trade deficit are positive with an
increasing trend and the average growth rate of trade deficit to ASEAN is 18%. The export-
import ratio of Bangladesh with ASEAN countries is steady with the fluctuating trend and the
average export-import ratio to ASEAN countries is 0.06 but the total export-import ratio of
Bangladesh is 0.57, which is much higher. To improve the country’s overall trade balance,
especially trade balance with ASEAN countries some policy recommendations are offered in
this study.

Introduction

The Association of Southeast Asian Nations, or ASEAN, was

established on 8 August 1967 in Bangkok, Thailand, with the signing
of the ASEAN Declaration (Bangkok Declaration) by the Founding
Fathers of ASEAN, namely Indonesia, Malaysia, Philippines,
Singapore, and Thailand.
Brunei Darussalam then joined on 7 January 1984, Viet Nam on 28
July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on
30 April 1999, making up what is today the ten Member States of ASEAN.
The motto of ASEAN is “One Vision, One Identity, One Community”.
ASEAN replaced the Association of South East Asia (ASA), which had been formed by the
Philippines, Thailand, and the Federation of Malaya (now part of Malaysia) in 1961. Under the
banner of cooperative peace and shared prosperity, ASEAN’s chief projects center on
economic cooperation, the promotion of trade among ASEAN countries and between ASEAN
members and the rest of the world, and programs for joint research and technical cooperation
among member governments. As a set out in the ASEAN Declaration, the aims and purposes
of ASEAN are: To accelerate the economic growth, social progress, and cultural development
in the region through joint endeavors in the spirit of equality and partnership to strengthen the
foundation for a prosperous and peaceful community of Southeast Asian Nations; To promote
regional peace and stability through abiding respect for justice and the rule of law in the
relationship among countries of the region and adherence to the principles of the United
Nations Charter; To promote active collaboration and mutual assistance on matters of common
interest in the economic, social, cultural, technical, scientific, and administrative fields; To
assist each other in the form of training and research facilities in the educational, professional,
technical, and administrative spheres; To collaborate more effectively for the greater utilization
of their agriculture and industries, the expansion of their trade, including the study of the
problems of international commodity trade, the improvement of their transportation and
communications facilities, and the raising of the living standards of their peoples; To promote
Southeast Asian studies; and

Page 3 of 19
To maintain close and beneficial cooperation with existing international and regional
organizations with similar aims and purposes, and explore all avenues for even closer
cooperation among themselves.
It is responsible for several economic integration initiatives in East Asia including the ASEAN
Free Trade Agreement (AFTA), the ASEAN Framework Agreement on Services (AFAS), and
the ASEAN Investment Area (AIA). The ASEAN Vision 2020, adopted by the ASEAN
Leaders on the 30th Anniversary of ASEAN, agreed on a shared vision of ASEAN as a concert
of Southeast Asian nations, outward-looking, living in peace, stability and prosperity, bonded
together in partnership in dynamic development and a community of caring societies, it aims
to establish namely the ASEAN Political-Security Community, ASEAN Economic
Community, and ASEAN Socio-Cultural Community. Each pillar has its Blueprint, and,
together with the Initiative for ASEAN Integration (IAI) Strategic Framework and IAI Work
Plan Phase II (2009-2015), they form the Roadmap for an ASEAN Community 2009-2015.
Most of these initiatives came about in the late 1990s as part of the shift in ASEAN’s policies
towards regionalism. This change played out in the form of several regional and bilateral trade
agreements. While the agreements were largely between ASEAN economies, many also
included South Asian countries like Bangladesh, India, Myanmar, Nepal, Bhutan, and Sri
Lanka. As of 1 July 2019, the population of the ASEAN was about 655 million people (8.5%
of the world population) In 2019, 55.2 million children were age 0-4, and 46.3 million were
age >65 in the ASEAN. This corresponds to 8.4% and 7.1% of the total ASEAN population.
ASEAN population growth is 1.1% per year with Thailand being the smallest 0.2% per year,
and Cambodia is the largest 1.9% per year. ASEAN having a sex ratio of 99.6, male 326.4
million and female 327.8 million. With a total area of about 4.5 million square kilometers,
which is 3% of the total land area of Earth. Its GDP increased from $2,373 billion in 2007 to
$4,034 billion in 2016. If ASEAN were a single entity, it would rank as the ninth-largest
economy in the world. Traditionally, Bangladesh has had very close commercial and other
links with most of the ASEAN member countries due to her geographic as well as strategic
proximity. These contacts have been reinforced through Bangladesh's participation in the Bay
of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and
Asia Cooperation Dialogue (ACD) where Bangladesh has been active as a founding member.
The ASEAN Regional Forum (ARF) was formed following the 1992 Singapore Declaration of
the ASEAN Summit where the ASEAN Heads of State and Government declared their
intention to intensify dialogues with external partners on political and security matters. At
present ASEAN Regional Forum (ARF) has in total of 27 members. Bangladesh formally
joined the ARF in 2006- 2007. As a comprehensive regional organization, ASEAN provides a
venue for the exchange of views and a tentative understanding with the member countries of
Southeast Asia. The expansion of ASEAN to a grouping of 10, the inclusion of Myanmar, and
the emergence of the ASEAN Plus Three (APT) process mean that Bangladesh now stands
directly at ASEAN`s western door and is being drawn still closer to China's strategic periphery.
It is therefore the gateway between APT and South Asian states. There is a need for widening
and deepening economic cooperation between ASEAN and South Asian states based on mutual
advantages that might, in turn, lead to a greater share of global trade. Bangladesh needs to
justify the claim to become the future member of ASEAN, which in turn, might improve the
trade relationship with ASEAN member countries

Page 4 of 19
Trade Relationship between Bangladesh and ASEAN Countries
Bangladesh has strong historical trade links
with ASEAN countries. The links among
Bangladesh, Malaysia, and Singapore have
been strengthened in more recent times by
having shared a common colonial experience,
under British rule. The British brought
Bangladeshi to work in the plantations and
railways of the Malay Peninsula, and most of
them stayed on at the end of their indenture or
contract. The presence of Bangladesh in South
East Asia may also be seen through their
natural occupation as traders, particularly
evident in port cities such as Singapore,
Penang, and Bangkok. Brunei recognized
Bangladesh quickly with other Southeast Asian countries (Muslim majority nations like
Indonesia and Malaysia in particular). Both countries are looking to increase trade &
investment such as Bangladesh's pharmaceutical products and Brunei's oil in particular. Brunei
also imports manpower from Bangladesh. Education is another part of their relations such as
the Brunei Darussalam Government Scholarship for Commonwealth Countries. Defense
relations are improving although Bangladesh is expecting more trainee officers in the future.
Bangladesh signed a trade agreement on August 4, 2006, with Cambodia in Phnom Penh.
Bangladesh's major export items to Cambodia are readymade garment, footwear and leather
goods, knitwear, pharmaceuticals, table wear, home linen, textile, seafood and marine products,
tea, potato, jute and jute goods, light engineering products, spices, cosmetics, ceramic,
melamine products, and toiletries. Major import items from Cambodia are— cotton, edible oil,
fertilizer, clinker, staple fiber, yarn, and capital machinery. Indonesia along with other non-
Arab Muslim countries such as Malaysia, Turkey, and Afghanistan immediately recognized
Bangladesh. Relations have gone into different areas such as trade & investment, cultural
exchange, and peacekeeping. Malaysia is the largest ASEAN investor in Bangladesh and
Malaysian companies have invested $1.3 billion in 59 projects in 2007 in areas such as
telecommunications, textiles, and the financial sector. However the trade balance is
overwhelmingly in Malaysia's favor, during the 2009-10 fiscal year, exports were a mere
4,057.6 million taka compared to 85,235.1 million taka in imports. Trading between the two
nations is increasing especially in pharmaceutical exports with some businesses are calling for
a Free Trade Agreement to balance out the trade deficit. Many Malaysian companies have
shown keen interest to participate in infrastructure projects here such as power generation,
seaport development, waste disposal system, construction of roads and highways as well as in
the service sector such as education and healthcare. As a part of their interest, recently they
have come to an agreement with the Bangladesh government regarding Padma Bridge
construction. On the other hand, the bilateral ties with Myanmar are good, despite occasional
border strains and an influx of more than 270,000 Muslim refugees (known as "Rohingya")
from predominantly Buddhist Burma. Both countries discussed the possibility of linking two
countries together in an attempt to boost their trade and commerce relations. They estimate to
complete the 25 km highway at the cost of $20 million. Another aspect of this plan is to connect
the highway to the Asian Superhighway which would connect the two countries to China.
Recently, a new air service has been inaugurated between these two countries. Singapore and
Bangladesh were founders of the Asian Union. A sizable number of Bangladeshi migrant
workers are currently working in labor-intensive jobs in Singapore. Bangladesh was the first
South Asian and second Asian nation to establish relations with South Vietnam at an
Page 5 of 19
ambassadorial level. Vietnam closed its embassy in Dhaka for financial reasons and reopened
it in January 2003. Relations between the nations are good and they maintain good cooperation
on an international level in organizations such as the United Nations, Non-Aligned Movement,
and ASEAN regional forum. Bangladesh has supported Vietnam as a candidate for a non-
permanent seat in the UN Security Council and requested Vietnam to support its participation
in ARF, ASEM, EWEC, and MGC. Thailand is a key country in Bangladesh's "Look East"
policy and relations have begun to increase and diversify into different areas. However, with
the "Look East" policy is introduced in its foreign policy agenda in 2002, Bangladesh has made
a constructive step in exploring its Eastern horizon, namely, its South East and East Asian
neighbors.

Bilateral trade between Bangladesh and ASEAN Countries:

Currently, the bilateral trade is around $215 Million with the average import of Bangladesh
from ASEAN countries is 16%, but export to ASEAN countries from Bangladesh is 1.6%. As
soon as ASEAN Free Trade Area (AFTA) was established, ASEAN members have made
significant progress in the lowering of intra-regional tariffs through the Common Effective
Preferential Tariff (CEPT) Scheme for AFTA. More than 99 percent of the products in
ASEAN-6 comprising Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore,
and Thailand have been brought down to a minimum 0-5 %tariff. And, this trading region can
create new trade leverage for access to diversified Bangladeshi products paving industrial and
trade diversity.

Trade Relation with Brunei Darussalam

The Economic Structure of Brunei
GDP 13.002 billion US$ (2018 est.)
GDP Per Capita $27,601 (2018 est.)
Income Level High income
GDP Growth Rate -1.3% (2017 est.)
Inflation -0.2% (2017 est.)
FDI inflow 181.86illion US$ (2016 est)

Trade Indicators of Brunei

Exports of goods and services 5.776 billion US$ (2017 est.
Imports of goods and services 3.275 billion US$ (2017 est.)
Ease of Doing Business Index 56

Key Industries: petroleum, petroleum refining, liquefied natural gas, construction, agriculture,
transportation.
Key Agriculture Sector: rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs.
Major Export Product: mineral fuels, organic chemicals.
Major Import commodities: machinery and mechanical appliance parts, mineral fuels, motor
vehicles, electric machinery.
Major Export Partner: Japan 36.5%, South Korea 16.8%, Thailand 10.6%, India 9.8%,
Malaysia 6.6%, China 4.6% (2016).
Major Import Partner: US 28.4%, Malaysia 24%, Singapore 7.1%, Brunei 5.7%, Japan 5.3%,
China 4.9%, Australia 4.3% (2016).

Page 6 of 19
Bangladesh-Brunei Bilateral Trade Statistics (Value in million US $)
Year Export Import Trade Ratio
2008-09 0.103 0.43 1: 4.17
2009-10 0.090 0.46 1: 5.11
2010-11 0.097 6.03 1: 62.16
2011-12 0.191 0.25 1:1.31
2012-13 0.37 .012 1:0.33
2013-14 0.55 .36 1:0.65
2014-15 0.67 18.65 1:27.83
2015-16 1.235 3.103 1:2.51
2016-17 1.222
Source: Import Payment, Bangladesh Bank & Export Statistics, Export Promotion
Bureau & Bangladesh Bank

Major Export Items in 2016-17 (In million US $):

Woven Garments (.008); Knitwear (.016); Agri.Products (1.132); Leather & Leather Pro.
(0.005); Jute goods (.042); others (.019).

Major Import Items in 2015-16 (In million US $):

Mineral products (18.471); Products of the chemical or allied industries (0.0 16); Plastics and
articles thereof; rubber and articles thereof (0.007); Textiles and textile articles (0.043);
Articles of Stone, Plaster, Cement, Asbestos, Mica or Similar Materials; Ceramic Products;
Glass and Glassware (.020); Machinery and mechanical appliances; electrical equipment; parts
thereof; sound recorders and reproducers, television image and sound recorders and
reproducers; and parts and accessories of such articles (0. 130); Nuclear reactors, boilers,
machinery, and mechanical appliances; parts thereof (0.130); Vehicles, Aircraft, Vessels and
Transport Equipment (2.886)

The potential area of cooperation

• Bangladesh and Brunei can jointly invest in RMG and Pharmaceutical Sector
• Encourage and welcome joint efforts to expand the cooperation in the Development of
Leather and agri-business especially Fresh vegetable and Halal food (Meat);
• Extend collaboration in trade and investment and create favorable conditions for businesses
to take part in fairs, exhibitions, and seminars to be organized in the respective countries;
• Develop collaboration in the telecommunication sector and energy sectors like Oil and Gas;
• Bilateral chamber cooperation agreement and MoU signing;
• Extend collaboration in trade and investment and create favorable conditions for businesses
to take part in fairs, exhibitions, and seminars to be organized in the respective countries;
• Joint Study/ Research for identifying potential sector for investment;
• Organize and exchange visits of trade missions

Trade Relation with Thailand

Bangladesh-Thailand Bilateral Trade Statistics (Value in Million US $)

Year Export Import Trade Ratio

2006-07 21.85 214.68 1:9.82
2007-08 15.63 499.94 1: 31.98
2008-09 39.31 529.72 1:13.47

Page 7 of 19
2009-10 20.52 633.36 1:30.86
2010-11 34.22 1033.76 1: 30.20
2011-12 51.43 871.30 1: 16.94
2012-13 94.39 1087 1:11.52
2013-14 39.62 742.24 1:18.73
2014-15 32.76 685.53 1: 20.93
2015-16 35.15 668.941
2016-17 48.57 781.58
2017-18 38.14 1194.249

Major Export Items in 2017-18 (In million US $):

Woven Garments (14.09), Knitwear (11.23), Home Textile (2.37), Agri-Products (1.39),
Frozen Food (.039), Leather & Leather product (0.28), Footwear (0.191), Raw Jute (0.12), Jute
goods (.94), Others (4.81).

Major Import Items in 2017-18 (In million US $):

Plastics and articles thereof (140.2), Salt, sulphur, earths and stone, plastering materials, lime
and cement (103.9), Man – made staple fibres (57.0), Nuclear reactor, boilers, machinery and
mechanical appliances; parts thereof (49.3), Cotton (all types), cotton yarn / thread and cotton
fabrics (30.8), Tanning or dyeing extracts, tannins and their derivatives, dyes, pigments and
other colouring matter, paints and varnishes, putty and other mastics, inks (25.3), Vehicles
other than railway or tramway rolling -stock etc. (20.0), Rubber and articles thereof (18.7),
Lead and articles thereof (16.7), Man-made filaments; strip and the like of manmade textile
meterials (16.1), Paper and paper board, articles of paper pulp, of paper or of paperboard (15.9),
Miscellaneous chemical products (15.7), Residues and waste from the food industries (14.4),
Ships, boats and floating structures (14.2), Electrical machinery and equipment and parts
thereof; sound recorders and reproducers, television image and sound recorders and
reproducers, and parts and accessories of such articles (13.8), Products of the milling industry;
malt; starches; inulin; wheat gluten (12.9), Articles of iron or steel (10.9), Mineral fuels,
mineral oils and products of their distillation, bituminous substances, mineral waxes (10.6),
Copper and articles thereof (10.6), Soap, organic surf-active agents, lubricating etc. (8.8),
Organic chemicals (6.8), Others (71.9)

Trade Reletion with Indonesia

Trade Fact Sheet: Indonesia

The Economic Structure of Indonesia
GDP 1.092 trillion US$ (2018 est. Nominal)
GDP Per Capita 4,116 US$
Income Level Middle income
GDP Growth Rate 5.2% (2017 est.)
Inflation 4% (2017 est.)
FDI inflow 111.7 billion US$ (31 December 2017 est.)

Trade Indicators of Indonesia

Exports of goods and services 157.8 billion US$ (2017 est.)
Imports of goods and services 142.3 billion US$ (2017 est.)
Ease of Doing Business Index 72

Page 8 of 19
Key Industries: petroleum and natural gas, textiles, automotive, electrical appliances, apparel,
footwear, mining, cement, medical instruments and appliances, handicrafts, chemical
fertilizers, plywood, rubber, processed food, jewelry, and tourism.
Key Agriculture Sector: rubber and similar products, palm oil, poultry, beef, forest products,
shrimp, cocoa, coffee, medicinal herbs, essential oil, fish and its similar products, and spice.
Major Export Product: mineral fuels, animal or vegetable fats (includes palm oil), electrical
machinery, rubber, machinery, and mechanical appliance parts.
Major Import commodities: mineral fuels, boilers, machinery, and mechanical parts, electric
machinery, iron and steel, foodstuffs.
Major Export Partner: China 11.6%, US 11.2%, Japan 11.1%, Singapore 7.8%, India 7%,
Malaysia 4.9%, South Korea 4.8% (2016).
Major Import Partner: China 22.9%, Singapore 10.8%, Japan 9.6%, Thailand 6.4%, US
5.4%, Malaysia 5.4%, South Korea 5% (2016).

Bangladesh-Indonesia Bilateral Trade Statistics (Value in Million US $)

Year Export Import Trade Ratio
2008-09 22.3 508.34 1: 22.8
2009-10 45.58 665.40 1: 14.6
2010-11 29.48 842.99 1: 28.59
2011-12 25.24 1228.15 1:48.66
2012-13 50.82 1054.7 1:20.75
2013-14 56.528 1105.49 1:19.55
2014-15 39.489 1397.46 1:35.39
2015-16 43.361 1235.51 1:28.49
2016-17 46.389

Major Export Items in 2016-17 (In million US $):

Woven garments (6.773), Knitwear (7.024), Home Textile (0.06), Agri-Products (0.617),
Leather and Leather Product (0. 281), Footwear (0.072), Raw Jute (0.696), Jute goods (25.937),
others (4.983)

Major Import Items in 2015-16 (In million US $):

Live Animals and Animal Products (0.152); Vegetable Products (39.094); Animal or vegetable
fats oils and their cleavage products: prepared edible fats: animal or vegetable waxes (626.05);
Prepared foodstuff, Tobacco and manufactured tobacco (3.861), Mineral Products (143.027);
Products of the Chemical or Allied Industries (48.787); Plastics & Rubber Articles Thereof
(56.864); Raw Hides and Skins, Leather and Articles Thereof; Saddlery and Harness; Travel
Goods, Handbags and Similar Containers; Articles of Animal Gut (0.685); Pulp of wood or of
other fibrous material; recovered (waste and scrap) paper or paperboard; paper and paperboard
and articles thereof (136.052); Textiles & Textile Articles (145.734); Footwear, Hradgear,
Umbrellas, Sun Umbrellas, Walking Sticks, Seat-Sticks, Whips, Riding- Crops and Parts
Thereof Etc (0.193); Articles of Stone, Plaster, Cement, Asbestos, Mica or Similar Materials;
Ceramic Products (2.360); Base Metals & Articles of Base Metal (16.311); Machinery and
mechanical appliance electrical equipment; parts thereof (7.030); Electrical machinery and
equipment an parts thereof; sound recorders and reproducers television image and sound
recorders (4.488); Vehicales, Aircraft, Vessels and Transport Equipment (7.644); Others
(1.323).

Page 9 of 19
Possible area of Cooperation:
• Joint effort to explore business opportunity in Textile and Pharmaceuticals sector;
• Encourage and welcome joint efforts to expand the cooperation in Development of Leather
and Chemical sector;
• Bilateral chamber cooperation agreement and MoU signing;
• Extend collaboration in trade and investment and create favorable conditions for businesses
to take part in fairs, exhibitions, and seminars to be organized in the respective countries;
• Encourage Joint Venture in manufacturing Machinery, electrical equipment electrical and
electronic products;
• Joint Study/ Research for identifying potential sector for investment;
• Organize and exchange visits of trade missions.

Trade Realtion with Myanmar

Bangladesh Myanmar Bilateral Trade (Value in Million US $)

Year Export Import Trade Ratio

2010-11 9.65 180.16 1: 18.67
2011-2012 13.45 65.25 1: 4.85
2012-2013 13.67 84.00 1:6.14
2013-2014 16.097 71.63 1:4.45
2014-2015 25.798 31.49 1:1.23
2015-2016 38.23 38.75 1:1.02
2016-2017 23.74

Major export items from Bangladesh (2016-17) (value in million US$)

Woven Garments $.26, Knitwear $ 2.72, Home Textile $.67, Agri. Products $.597, Frozen Food
$0 .41, Leather & Leather Pro. $ 0.27, Footwear $0.05, Jute goods $ 0.62 and other 18.74.

Major import items into Bangladesh (2015-16) (value in million US$)

Live Animals and Animal Products $.5.7, Vegetable Products $17.69, Edible vegetable and certain
roots $9.94, Edible fruit nuts; peel of citrus fruits $ 3.0, Coffee, tea, mate and spices $ 4.09, Oil
seeds and oleaginous fruits $0.34, Vegetable plaiting materials $.27, Prepared foodstuffs;
Beverages $0.71, Wood and Articles of Wood; Wood $15.0, Footwear and Umbrellas $0.45,
Machinery and mechanical appliance $0.30, Nuclear reactors, boilers, machinery $0.30,
Miscellaneous Manufactured Articles $0.93, etc.

Probable Trade Potentials between Bangladesh and Myanmar

• Establishment of a smooth channel of financial transactions as well as building direct road and
air links between the two countries and signing of an inland water transport protocol.
• Bangladesh can proceed with Myanmar in joint investment to build a hydroelectric project from
where electricity could be supplied to Bangladesh.
• It can also set up a fertilizer plant under a joint investment where Myanmar might supply natural
gas.
• Import Natural Gas from Myanmar.
• In 2011, Prime Minister Sheikh Hasina signed an agreement on the establishment of a Joint
Commission for bilateral cooperation between Bangladesh and Myanmar. It can be proactive
for enhancing trade and solving disputable issues.

Page 10 of 19
• Expand trade and investment by utilizing the Memorandum of Understanding on the
establishment of a Joint Business Council (JBC) between the Republic of the Union of
Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Federation
of Bangladesh Chambers of Commerce and Industry (FBCCI).

Trade Relation with Vietnam

Trade Fact Sheet: Vietnam

The Economic Structure of Vietnam

GDP 215.82 billion US$ (2017est.) nominal
Population 96.16 Million (2017 est.)
Income Level Middle income
GDP Growth Rate 6.2% 2016
Inflation 2.7% (2016 est.)
FDI inflow 24.4 billion US$ (31 December 2016 est.)
Total Export 176.6 billion US$ (2016 est.)
Total Import 162.6 billion US$ (2016 est.)

Major Export Partner of Vietnam

US 20.2%, China 14.2%, Japan 8.2%, South Korea 6.2% (2016)
Major Import Partner of Vietnam
China 25.1%, South Korea 17.5%, Japan 7.9%, US 6%, Thailand 4.7% (2016)
Export Product: clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products,
machinery
Import Product: machinery and equipment, petroleum products, steel products, raw materials
for the clothing and shoe industries, electronics, plastics, automobiles
Major Agricultural product:
Rice, coffee, rubber, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; pork;
poultry; seafood
Major Industrial product:
Food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical
fertilizer, glass, tires, oil, mobile phones.

Bangladesh-Vietnam Bilateral Trade Statistics (Value in Million US $)

Year Export Import Trade Ratio

2009-10 37.20 42.53 1: 1.14
2010-11 58.69 461.52 1: 7.86
2011-12 44.50 300.30 1: 6.75
2012-13 38.24 349.1 1:9.13
2013-14 55.96 582.23 1:10.04
2014-15 52.6 599.64 1:11.4
2015-16 65.05 387.65 1:5.96
2016-17 66.45 688.00
2017-18 55.670 417.00
2018-19 53.47

Page 11 of 19
Major Export Items in 2016-17 (In million US$):
Woven Garments(.44); Knitwear (.47); Home Textile (.021); Agri.Products (16.77); Frozen &
Live Fish (10.92); Leather & Leather Pro. (13.77); Footwear (.001); Raw Jute (1.29); Jute
goods (8.73); Others (14.06).

Major Import Items in 2015-16 (In million US$):

Live animals; animal products (0. 858), Vegetable products (7.574), Animal or vegetable fats
and oils, etc. (4.618), Prepared foodstuffs (4.503), Mineral products (208.680), Products of the
chemical or allied industries (16.215), Plastics and rubber articles thereof (16.700), Raw hides
and skins, leather and articles (0.119), Wood and articles of wood (1.858), Pulp of wood
(3.688), Textiles and textile articles (54.564), Footwear, headgear (0.235), Articles of stone,
plaster, cement, asbestos, etc. (0. 452), Base metals and articles of base metal (17.007),
Machinery and mechanical appliances; electrical (44.957), Vehicles, aircraft, vessels, and
associated transport equipment (0. 872), Miscellaneous manufactured articles (4.606).

Possible area of Cooperation:

• Joint effort to explore business opportunity in agriculture and fisheries sectors;
• Encourage and welcome joint efforts to expand the cooperation in the areas like Skill
Development, Tourism, Pharmaceuticals, ICT, and Shipbuilding;
• Extend collaboration in trade and investment and create favorable conditions for businesses
to take part in fairs, exhibitions, and seminars to be organized in the respective countries;
• Encourage Joint Venture in manufacturing electrical and electronic products;
• Organize and exchange visits of trade missions;
• Joint Study/ Research for identifying potential sector for investment

Trade Relation with Malaysia

Bangladesh-Malaysia Bilateral Trade Statistics Value in Million Taka (Value in Million US $)

Year Export Import Trade Ratio

2005-06 791.00(11.79) 22285.00(332.21) 1: 28
2006-07 1167.30(16.91) 23071.70(334.23) 1: 20
2007-08 1662.90(24.17) 30936.70(449.66) 1: 18.60
2008-09 2160.20(31.28) 47761.00(691.59) 1: 22.10
2009-10 4287.77(61.98) 85235.1(1232.07) 1: 19.87
2010-11 3122.23(43.87) 125717.2(1766.44) 1:40.27
2011-12 4439.09(56.12) 110688.6(1399.35) 1:24.93
2011-12 4439.09(56.12) 110688.6(1399.35) 1:24.93
2012-13 8000.79(100.11) 152325(1902.1) 1:19

Page 12 of 19
Major Export Items in 2012-13 (In million US $)
Frozen Food (1.315), Agree-products (21.485), Tea (0.007), Chemical Products (0.68), Leather
(0.03), Raw Jute (0.034), Jute Goods (0.896), Knitwear (44.608), Woven Garments (24.586),
Others (6.471).

Major Import Items in 2010-11 (In million US $)

Live animals; animal products (0.855), Vegetable products (4.095), Animal or vegetable fats
and oils and their cleavage products; prepared edible fats; animal or vegetable waxes (136.865),
Prepared foodstuffs; beverages, sprits and vinegar; tobacco and manufactured tobacco
substitutes (9.652), Mineral products (1198.563), Products of the chemical or allied Industries
(50.79), Plastics and articles thereof; rubber and articles thereof (84.915), Raw hides and skins,
leather, furskins and articles thereof; saddlery and harness; travel goods, handbags and similar
containers; articles of animal gut (other than silk-worm gut) (0.049), Wood and articles of
wood; wood charcoal; cork and articles of cork; manufactures of straw, of esparto or of other
plaiting materials; basket ware and wickerwork (3.621), Pulp of wood or of other fibrous
cellulosic material; recovered (waste and scrap) paper or paperboard; paper and paperboard
and articles thereof (6.443), Textiles and textile articles (37.069), Footwear, headgear,
umbrellas, sun umbrellas, walking sticks, seat-sticks, whips, riding-crops and parts thereof;
prepared feathers and articles made there with; artificial flowers; articles of human hair (0.362),
Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass
and glassware (1.08), Base metals and articles of base metal (70.5), Machinery and mechanical
appliances; electrical equipment; parts thereof; sound recorders and reproducers, television
image and sound recorders and reproducers; and parts and accessories of such articles
(126.078), Vehicles, aircraft, vessels and associated transport equipment (1.8), Optical,
photographic, cinematographic, measuring, checking, precision, medical or surgical
instruments and apparatus; clocks and watches; musical instruments; parts and accessories
thereof (3.265), Miscellaneous manufactured articles (2.887).

Trade Relation with Philippine

Trade Fact Sheet: Philippine

1. The Economic Structure of Philippine
GDP $313.6 billion (2017 est.)
2. Trade Indicators of Philippine
Exports of goods and services $48.2 billion (2017 est.)
Imports of goods and services $89.39 billion (2017 est.)
3. Key Industries: semiconductors and electronics assembly, food and beverage
manufacturing, construction, electric/gas/water supply, chemical products,
radio/television/communications equipment and apparatus, petroleum and fuel, textile and
garments, non-metallic minerals, basic metal industries, transport equipment

4. Key Agriculture Sector: Rice, fish, livestock, poultry, bananas, coconut/copra, corn,
sugarcane, mangoes, pineapple, cassava etc.

5. Major Export Product: semiconductors and electronic products, machinery and transport
equipment, wood manufactures, chemicals, processed food and beverages, garments, coconut
oil, copper concentrates, seafood, bananas/fruits.

Page 13 of 19
6. Major Import commodities: electronic products, mineral fuels, machinery and transport
equipment, iron and steel, textile fabrics, grains, chemicals, plastic.

Financial Year Export in million USD Import in million USD

2014-15 29.44 12.59
2015-16 40.44 29.98
2016-17 45.11 10.57
2017-18 47.03 18.246
2018-19 74.04 NO data

Major Export Items in 2018-19 (In million US $): Woven Garments (15.754), Knitwear
(14148), Home Textile (0.32), Agri-Products (5.98), Leather (0.079), footwear (0.035), Raw
Jute (0.098), Jute goods (0. 156), Pharmaceutical 6.604, Others(3.86)

Major Import Items in 2017-18 (In million US $): Vegetable products (0.368), Animal or
vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable
waxes (0. 255), Prepared foodstuffs; beverages, sprits and vinegar; tobacco and manufactured
tobacco substitutes (2.071), Mineral products (13.016), Products of the chemical or allied
industries (1.563), Plastics and articles thereof; rubber and articles thereof (1.148), Raw hides
and skins, leather, furskins and articles thereof; saddler and harness; travel goods, handbags
and similar containers; articles of animal gut (other than silk-worm gut) (0.195), Pulp of wood
or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard; paper
and paperboard and articles thereof (0.243), Textiles and textile articles (0.57), Base metals
and articles of base metal (8.004), Machinery and mechanical appliances; electrical equipment;
parts thereof; sound recorders and reproducers, television image and sound recorders and
reproducers; and parts and accessories of such articles (2.918), Optical, photographic,
cinematographic, measuring, checking, precision, medical or surgical instruments and
apparatus; clocks and watches; musical instruments.

Trade Relation with Singapore

Bangladesh-Singapore Bilateral Trade Statistics Value in Million Taka (Value in Million US $)

Year Export Import Trade Ratio
2005-06 5694.03(84.72) 56970.00(847.64) 1: 10.00

2006-2007 6322.44(91.55) 71360.00(1033.30) 1: 11.28

2007-08 8481.70(123.64) 87329.99(1273.03) 1: 10.29

2008-09 4846.27(70.44) 121658.4(1768.29) 1: 25.10

2009-10 5536.47(80.03) 107276.04(1550.68) 1: 19.37

2010-11 8087.27(113.41) 92125.39(1291.90) 1: 11.39

2011-12 14177.09(179.23) 135230.3(1709.61) 1: 9.54

2012-13 12466.72(155.99) 113620(1421.9) 1:9.12

Page 14 of 19
Major Export Items in 2012-13 (In million US $)
Frozen Food (1.24), Agri-Products (9.303), Chemical products (0.613), Leather (0.205), Raw
Jute (0.062), Knitwear (17.671), Woven Garments (16.493), Others (110.412)

Major Import Items in 2010-11 (In million US $)

Live animals; animal products (0.632), Vegetable products (46.909), Animal or vegetable fats
and oils and their cleavage products; prepared edible fats; animal or vegetable waxes (55.714),
Prepared foodstuffs; beverages, sprits and vinegar; tobacco and manufactured tobacco
substitutes (42.684), Mineral products (356.224), Products of the chemical or allied industries
(133.139), Plastics and articles thereof; rubber and articles thereof (66.294), Raw hides and
skins, leather, furskins and articles thereof; saddlery and harness; travel goods, handbags and
similar containers; articles of animal gut (other than silk-worm gut) (0.05), Wood and articles
of wood; wood charcoal (8.104), Pulp of wood or of other fibrous cellulosic material; recovered
(waste and scrap) paper or paperboard; paper and paperboard and articles thereof (35.514),
Textiles and textile articles (60.72), Footwear, headgear, umbrellas, sun umbrellas, walking
sticks, seat-sticks, whips, riding-crops and parts thereof; prepared feathers and articles made
there with; artificial flowers; articles of human hair (0.267), Articles of stone, plaster, cement,
asbestos, mica or similar materials; ceramic products; glass and glassware (0.618), Base metals
and articles of base metal (72.293), Machinery and mechanical appliances; electrical
equipment; parts thereof; sound recorders and reproducers, television image and sound
recorders and reproducers; and parts and accessories of such articles (294.613), Vehicles,
aircraft, vessels and associated transport equipment (21280), Optical, photographic,
cinematographic, measuring, checking, precision, medical or surgical instruments and
apparatus; clocks and watches; musical instruments; parts and accessories thereof (12.045),
Arms and ammunition; parts and accessories thereof (0.069), Miscellaneous manufactured
articles (1.303), Works of art, collectors' pieces and antiques (0.012)

Treade Relation with Cambodia

In 2006, the two countries approved a trade and investment agreement and granted each other
the most favored nation status. Bangladesh's chief exports to Cambodia include garments,
footwear and leather goods, knitwear, pharmaceuticals, tableware, home linen, textile, seafood
and marine products, tea, potatoes, jute and jute goods, light engineering products, spices,
cosmetics, ceramic, and melamine products, toiletries, etc. Cambodia mainly exports
cotton, edible oil, fertilizer, clinker, staple fiber, yarn, etc. to Bangladesh
Bilateral trade between Bangladesh and Cambodia
In 2014, the two countries agreed to form a joint trade council to be headed by commerce
ministers of both countries. An agreement was also signed between the two countries for the
promotion and reciprocal protection of bilateral investments. Bilateral trade between
Bangladesh and Cambodia was only $5.57 million in 2016, of which Bangladesh's export was
$5 million and import was $0.57 million. Cambodia's exports to Bangladesh have seen a steady
increase in the past five years except 2016.
Export Potential Key findings for Cambodia in Bangladesh:

The products with the greatest export potential from Cambodia to Bangladesh are Semi-milled
or wholly milled rice, Other logs of wood, and Raw cane sugar. Semi-milled or wholly milled
rice shows the largest absolute difference between potential and actual exports in value terms,
leaving room to realize additional exports worth US$ 6k. Bangladesh can import cotton from
Cambodia within a short time. A common sourcing agent who will work for both country, it

Page 15 of 19
will be consisted of both countries buying houses. It will provide the buyer to both countries
according to buyers demand

Economic Cooperation with Laos

Bangladeshi medicines, cement, ceramic, light engineering products, leather, steel, and agro-
products have been identified as products with huge demand in Laos. Lack of proper transport
links has been one of the major problems for expanding the bilateral trade between the two
countries. Both the countries are working towards solving the transport problem and are in the
process to join the Asian Highway Network which would solve the problems.

Export Performance
The total amount of export from Bangladesh to ASEAN Countries has increased moderately
over the period in nominal terms (Tk. 392.15 Crore in 1999-00 to Tk. 1962.68 Crore in 2009-
10). The percentage of export to ASEAN countries has not significantly changed over the
periods and the percentages of export to ASEAN countries are 1.84%, 1.64%, 1.45%, and
2.25% in the fiscal year 1999-00, 2002-03, 2006-07, and 2009-10 respectively, which is steady
with the fluctuating trend. While the average percentage of export to ASEAN countries from
Bangladesh is 1.6% only. The average growth rate of export is 16% and the growth rates of
export are 30.03%, 26.25%, and 3.37% in the year 2000-01, 2004-05, and 2009-10
respectively, which are fluctuating but increasing positively.

Import Performance
The total import from ASEAN countries has increased sharply over the period in nominal terms
(Tk. 5,768.91 Crore in 1999-00 to Tk. 29,296.59 in 2009-10). The growth rate of imports has
increased over the periods which are 7.44%, 22.59%, 5.90% in the year 1999-00, 2005-06, and
2009-10 respectively. The average growth rate of imports from ASEAN countries to
Bangladesh is 18%. The percentage of import from ASEAN countries to the total import of
Bangladesh is 14.88%, 16.88%, 14.02%, 18.97 in the fiscal year 1999-00, 2003-04, 2007-08,
2009-10 respectively, which indicates that the percentage of import from ASEAN countries is
slightly decreasing but steady over the last few years. The average percentage of imports from
ASEAN is 16%, but the average export to ASEAN from this country is only 1.6%. So the
amount of imports from ASEAN countries is much higher than the amount of export to ASEAN
countries from Bangladesh.

Trade Balance
The trade balance of Bangladesh with ASEAN countries is of great concern. It has always been
in deficit over the decades. The total trade deficit has increased over the period (Tk. 5376.76
Crore in 1999-00 to 27333.91 Crore in 2009-10). The growth rate of trade deficit with ASEAN
is positive with an increasing trend (5.68% in 2001-02, 10.88% in 2004-05, 33% in 2007-08,
and 12.64% in 2009-10). The average growth rate of trade deficit with ASEAN is 18%, which
is compared with the growth of the total trade deficit of Bangladesh.

Export-Import Ratio
The export/import coverage expresses the trade balances in terms of a ratio of its components
rather than a difference. The export/ import coverage is the ratio of total exports to total imports.
It tells us whether or not a country’s imports are fully paid by its exports in a given year. The
export-import ratios of Bangladesh with ASEAN countries were 0.07, 0.05, 0.09, and 0.07 in
the year 1999-00, 2003-04, 2005-06, and 2009-10 respectively, which are steady with a
fluctuating trend. The average export-import ratio of Bangladesh to ASEAN countries is 0.06,

Page 16 of 19
but the total export-import ratio of Bangladesh to the whole world is 0.57 which is much higher.
It indicates that the export-import ratio of Bangladesh to ASEAN countries is less than the total
export-import ratio of Bangladesh to the whole world. This implies that the import is very high
over export.

Exported Manpower
The factors of production are land, labor, and capital. The population of Bangladesh is about
16 crore. We have to develop this huge population as skilled and semi-skilled human resources.
The number of Bangladeshi workers in Malaysia and Singapore was 12,402 and 39,581
respectively in the fiscal year 2008-09. They sent $1943.98 million and $1136.71 million
respectively from these two countries as a foreign remittance in 2008-09. Besides these, many
people are working in Japan and South Korea at present. So, we can get the opportunity of
more manpower export to these countries in future.

ASEAN & Bangladesh relation New trade trajectory

In the growing geo-economic era, economic blocs are expanding manifold regional and sub-
regional trade and business impacts. Of many, EU, ASEAN, APEC, and NAFTA are
predominant and much talked about for trade and integrated economic prosperity. ASEAN,
with a legacy of 50 years, was seen significantly contributing to regional trade and business
proliferation as it is a common economic bloc of 10 countries amounting to USD 3 trillion GDP
and trade bloc of around USD 548 billion and almost $2.5 trillion international trade globally.
The restive emergence of ASEAN in terms of trade, physical connectivity have made this
economic bloc geo-strategically and geo-economically important for other emerging and
developing economies in Asia including Bangladesh.
Bangladesh became branded as an economic miracle and model for LDC due to its prudent
macro-economic management with exemplary achievement in the UN MDG agenda. With this
consistent performance, many heavy-weight multinational companies like Merill Lynch,
Goldman Sachs, JP Morgan, UBS remarked positively high about Bangladesh. IMF forecasts
Bangladesh's potential 32nd largest economy by 2022. Bangladesh charted some game-
changing economic visions of economic graduation into Middle-income countries by 2021,
Higher middle-income countries by 2030 in conformity with UN SDG, and High income
developed economy by the year 2041 attributed by $2.5 trillion GDP. These transformational
visions can be definitively materialized through the expansion of multi-lateral trade, business,
investment, and economic networks sub-regionally and regionally.
ASEAN is yet to be harnessed for Bangladesh towards mutual trade and investment
cooperation based on mutual close cooperation for multi-modal connectivity and FTA. This
regional economic connectivity can socio-economically benefit to a greater extent and solidify
the economic landscape by improving the fate of one billion people in this greater region which
is the potential largest market in terms of population and open up a new trajectory for this
region. Considering this indispensable and contemporary geo-economic thought, a forging
Economic synergy between ASEAN and Bangladesh can be held.

Negotiations for FTA with Asean underway

Bangladesh has formally initiated negotiations with the Association of South-East Asian
Nations (ASEAN) to sign a free trade agreement to enjoy greater market access in the bloc
after graduating from the least developed country grouping. The ASEAN has become a vital
market for Bangladesh due to its immense size. The southeast Asian nations are also an
important source of raw materials for the country's garment sector and other industries. The

Page 17 of 19
ASEAN has a huge consumer base of 642 million people and a burgeoning middle-class with
newfound spending capabilities. By 2030, the ASEAN region will be the fourth-largest
economy in the world. Its GDP increased from $2,373 billion in 2007 to $4,034 billion in 2016,
according to a study titled 'Bangladesh A story of a Phoenix. Booming cities in the ASEAN
member countries account for more than 65 percent of the region's collective GDP, while a
further 90 million people will be added to the market by 2030 when there will be 163 million
households of 'consuming' class. The region's total expenditure on clothing and footwear
totaled $51.2 billion in 2017. Its digital economy generated $150 billion in revenue every year
and will add an estimated $1 trillion to the regional GDP in the next 10 years.

Bangladesh has launched the negotiations mainly for three reasons.

First is because the ASEAN is a big market where Bangladesh can do well while the second is
to safeguard the duty privilege after graduation.
Third, if Bangladesh can sign an FTA with the ASEAN, it does not need to sign any bilateral
agreement with any of the 10 member countries of the bloc.
Bangladesh is at the final stage of its negotiations with Indonesia for a PTA for duty privileges
on select goods traded between the two countries

Recommendations
• Bangladesh is far behind in regional and global connectivity due to its defensive diplomatic
policy position though there are many regional trading and economic blocs which could be
a boon for Bangladesh.
• The joint economic mission can be set up with the respective country of ASEAN to pursue
trade diplomacy to a greater extent.
• Expression of interest to be an observer member of ASEAN and intend to be a strategic
member of ASEAN for mutual trade benefit.
• Connecting ASEAN can open up the window to reach out to pacific countries and Latin
American countries through TPP as it is difficult for individual Win-Win to deal with
Mexico and Newzealand in trade.
• Our economic leaders, policy experts, economists and academicians, economic advisors
who are entrusted with economic planning need to think of frequent global economic shift
and orders which can benefit us taking necessary protective and aggressive economic
strategies to keep trade landscape vibrant and safe.
• Bangladesh, as local SAFTA is not performing, is required to adopt a result-oriented
regional orientation policy economically to bring about diverse trade-related potentials to
intensify and enhance the trade volume as our target of export earning is steadily
incremental.
• EPB can open up a foreign office in ASEAN member countries to know their market,
growth, and trade dynamics and promote our trade of goods and services.
• Organize frequent trade, Road Show, Investment summit, Matchmaking session, and
focused events could be organized to introduce our brands and business culture and trade
environment.
• Negotiate ASEAN for meaningful and appropriate preferential/LDC entitlement of DFQF
facility implementation.
• Bangladesh’s government can improve its trade environment by joining the Association of
Southeast Asian Nations (ASEAN) as this single market will become the world’s fourth-
largest economy by 2030 following the US, China, and EU.

Page 18 of 19
• Bangladesh has to develop a bilateral relationship with the ASEAN member countries. The
area of relationship will be in the field of export of goods including non-traditional goods,
export of manpower, export of services including tourism, culture, and education.
• Bangladesh needs to diversify its export items ensuring better quality products to increase
exports to ASEAN countries. The country should seek interim concessionary trade
arrangements with ASEAN for reducing the existing huge trade gaps that at present favor
the ASEAN countries.
• Export diversification requires extensive research on foreign markets. So Bangladesh needs
to provide a product or service to foreign customers according to their needs to increase
sales in the international market.
• Bangladesh has to develop the communication infrastructure including road, railway, and
deep seaport to attract foreign investment and trade.
• Bangladesh has to develop a new foreign policy of the Ministry of Commerce (MOC) and
the Ministry of Foreign Affairs (MOFA) to close the existing trade gap with ASEAN
countries.
• Bangladesh has to link Asian High-Way and Trans-Asian Railway as per the desired route
of connectivity initiatives to ease multilateral trade growth (Chittagong Teknaf-Meiktela-
Kuming) as soon as possible.
• Bangladesh has to negotiate and keep lobbying to become a member of ASEAN which may
improve the trade relationship with ASEAN member countries.

Conclusion
The export of Bangladesh is mainly with Western countries, which is on average 86%. So, the
Bangladesh government wants to reduce the dependency of export on the West by creating a
new market for East and Southeast Asian countries. For this reason, Bangladesh took the Look
East policy as foreign economic diplomacy. The growth rates of export are fluctuating but
positively increased and the average growth rate of export is 16%. The percentages of imports
from ASEAN countries to the total import of Bangladesh are slightly decreasing but steady
over the last few years. The average import of Bangladesh from ASEAN countries is 16%, but
the average export to ASEAN countries from Bangladesh is only 1.6%. So the percentage of
total imports from ASEAN Countries is much higher than the percentage of total export to
ASEAN countries from Bangladesh. The growth rates of trade deficit are positive with an
increasing trend and the average growth rate of trade deficit is 18%. The export-import ratio of
Bangladesh with ASEAN countries is steady with the fluctuating trend. The average export-
import ratio to ASEAN countries is 0.06 but the total export-import ratio of Bangladesh is 0.57
which is much higher. There is further scope of research in this field to identify the ways for
increasing the export and improve the trade relationship with ASEAN.

References:
https://asean.org/asean/about-asean/
https://en.wikipedia.org/wiki/ASEAN
https://www.iiste.org/European Journal of Business and Management
https://textilefocus.com/asean-bangladesh-relation-new-trade-trajectory/
https://www.thedailystar.net/business/news/negotiations-fta-asean-underway-2011089
https://www.dhakachamber.com/bilateral-trade/asean

Page 19 of 19