December 09, 2019 at 6:47 AM
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Trade and business with Sweden, Norway and Finland

Although development cooperation has dominated the bilateral relations between Bangladesh and the Nordic countries particularly Sweden, Norway and Finland since the independence of Bangladesh, trade and business has also developed in a significant way. Now Bangladesh has an excellent trade relationwith these countries being turned to a trading partner gradually from aid partner.

The export items from Bangladesh to the these countries are mainly readymade garments (including knitwear and woven garments), frozen food, agricultural products, jute goods (jute yarn & twine, ropes, bags, sacks, jute espadrille, jute handicraft, jute soil saver, etc.), chemical and toiletry products, light engineering products, leather goods (bags, wallets, brief case, shoulder bags, luggage, etc.), leather footwear & other leather articles (leather garments, waist belt, wrist watch belt, hand gloves), bicycles, snow sledges, ceramic products, home textile & handicrafts and ICT products & services to the markets of these three Nordic countries. Bangladesh export to these countries is shifting from traditional items to the diversified products like oceangoing ships, IT enabled services, outsourcing etc.

Telecom and IT and IT-enabled service are the biggest sector for these countries to export to Bangladesh. Bangladesh imports chemical products, plastic, wood pulp, machineries, vehicles, dairy products, food items, etc. from these countries. Technology transfer from this tech savvy region to Bangladesh is getting more priority of investment.

BANGLADESH AND SWEDEN

Bangladesh’s export to Sweden is comprised of 55% knitwear products, 25% woven garments, 20% other products like home textile, ceramic items, interior design, crafts, vegetables etc. Bangladesh imports mainly machinery, electronics, light engineering, telecommunication & technology equipment, paper, petroleum products, and foodstuff from Sweden. More than 50 Swedish companies are representing in Bangladesh by themselves or by their agents. The volume of trade between Bangladesh and Sweden is amounted 655 million USD in the FY 2017-2018. The trade between the two countries in the last 5 FYs has been in growing trend which is furnished below:

FY Export (in million USD) Import (in million USD) Total trade (in million USD) Balance (in million USD)
2013-2014 42 1.74 69.50 491.24 + 352.24
2014-2015 480.06 112.70 592.76 + 347.36
2015-2016 481.73 75.20 556.93 +406.53
2016-2017 531.59 54.57 586.16 +477.02
2017-2018 579.33 76.59 655.92 + 502.74

(Source: Bangladesh Bank and Export Promotion Bureau, Bangladesh)

BANGLADESH AND NORWAY

Bangladesh export to Norway is comprised of 62% knitwear products, 15% woven garment and 22% other related products. Trade between Bangladesh and Norway in FY 2017-2018 counted over 160 million USD. Bangladesh attracts the Norwegian investors to its potential investing sectors- shipbuilding and ship-recycling, telecommunication, readymade garments, technology transfer, clean-tech, IT, power which are the rapid-growing sectors in Bangladesh as well. The trade between Bangladesh and Norway in the last 5 FYs is furnished below:

FY Export (in million USD) Import (in million USD) Total trade (in million USD) Balance (in million USD)
2013-2014 121.23 95.49 216.72 + 25.76
2014-2015 132.40 21.78 154.18 + 110.62
2015-2016 142.05 33.75 175.80 + 108.30
2016-2017 120.92 18.24 139.16 + 102.68
2017-2018 96.85 63.70 160.55 + 33.15

(Source: Bangladesh Bank and Export Promotion Bureau, Bangladesh)

BANGLADESH AND FINLAND

About 65% knitwear products, 25% woven garments and 7% others products like ceramic, handicrafts, light engineering products etc. comprise the Bangladesh export to Finland. Total trade between Bangladesh and Finland is amounted over 202 million USD in the FY 2017-2018. Bangladesh attracts the Finnish investors to its potential and rapid-growing investing sectors- shipbuilding and ship-recycling, telecommunication, readymade garments, technology transfer, clean-tech, IT, power etc. The trade between the two countries in the last 5 FYs is furnished below:

FY Export (in million USD) Import (in million USD) Total trade (in million USD) Balance (in million USD)
2013-2014 46.35 132.12 178.47 -85.77
2014-2015 34.71 97.49 132.20 -62.78
2015-2016 32.72 94.39 127.11 -61.67
2016-2017 32.04 57.01 89.05 -24.97
2017-2018 33.12 169.25 202.37 -136.13
 (Source: Bangladesh Bank and Export Promotion Bureau, Bangladesh)

 


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