BD-US trade crosses $7 billion

A surge in imports from the United States has taken the value of bilateral trade beyond $7 billion in the last fiscal year.

Statistics available with Bangladesh Bank reveal that the country settled import bills worth $1 billion in the last fiscal year, which is up by around 46 per cent from $690.6 million in FY15.

At the same time, earnings of exports to the US increased to $6.22 billion registering 7.61 per cent growth from $5.78 billion in the previous financial year.

Thus, the value of bilateral trade between two countries stood at $7.22 billion in the last fiscal year, which was $6.47 billion in FY15.

The US is now the second largest trading partner of Bangladesh though it was on the top a few years ago.

The value of bilateral trade with China, which overtook the US to become the country’s number one trading partner, was $10.45 billion in the last fiscal year.

In the last year, the US customs collected $911.60 million as tariffs against the imports of Bangladeshi products worth $5916.77 million.

Bangladesh products do not get any preferential access to the US though it is the single largest export market for the South Asian country.

Even the GSP (Generalised System of Preference) facility has been suspended for three years, under which a very small number of products used to enjoy some lower tariff benefits.

Bangladesh has also been being deprived of its tariff-free access to the US on the grounds that Doha Round negotiation of the World Trade Organisation (WTO) is not yet complete.