The United States has overtaken India to become Bangladesh’s second-largest trading partner, according to data from the National Board of Revenue (NBR).
Bangladesh’s total trade with the US stood at $12.67 billion in the last fiscal year, compared with $10.72 billion with India. China retained the top position.
The shift came mainly as Bangladesh’s imports from the US increased significantly. Imports rose by around 43 per cent year-on-year to $3.56 billion, driven partly by higher purchases of agricultural commodities and energy products.
Bangladesh increased imports of wheat, soybean seeds, cotton and liquefied natural gas from the US amid efforts to address trade-related concerns with Washington.
The country also signed an agreement with US aircraft manufacturer Boeing in April to purchase 14 aircraft for Biman Bangladesh Airlines. The deal covers eight Boeing 787-10 Dreamliners, two 787-9s and four 737-8 MAX aircraft.
Meanwhile, trade between Bangladesh and India has declined amid a series of restrictions and countermeasures by the two countries.
Bangladesh stopped importing yarn from India through land ports, while India withdrew a special facility allowing Bangladeshi goods to be routed to third countries through Kolkata airport.
As a result, economic and trade ties between Dhaka and Washington have strengthened while trade with neighbouring India has weakened.
sks