Bangaldesh's Exports to Spain Witnesses 37% Increase

Over the last five years, Bangladesh's exports to Spain have increased by 37%, primarily due to increased shipments of readymade garments. Spain is Bangladesh's fourth-largest export destination, and local businesses are optimistic about the country's market potential, aiming to diversify their offerings beyond apparel.

According to data from the International Trade Centre, a joint subsidiary organization of the World Trade Organisation and the United Nations, bilateral trade between Bangladesh and Spain increased by nearly 36% during this period, reaching US $ 4.64 billion in 2022, up from US $ 3.42 billion in 2018.

Bangladesh's exports to Spain reached $4.42 billion in 2022, a substantial rise from the $3.23 billion reported in 2018. While Bangladesh's exports to Spain have been primarily concentrated in the readymade garment sector, businesses believe there is room for growth by exporting a broader range of products to the Spanish market, such as leather goods, home textiles, pharmaceuticals, agricultural products, and handicrafts.

Apparel exporters see a chance to obtain a significant market share in Spain, even if they recognize the need for the local industry to improve its capacity to fulfill export orders with shorter lead times.

According to ITC data, Bangladesh's garment exports to Spain will total US $ 4.22 billion in 2022, while Spain's total imports from other countries will reach US $ 22.33 billion. Knitwear exports contributed $2.46 billion, while woven clothes contributed $1.76 billion. The Secretary-General of the Spain-Bangladesh Chamber of Commerce and Industry, Kabir Ahmed, stressed the potential for both nations to increase trade through increasing involvement in both the public and private sectors.