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Bangladesh - NZ Trade Relations

Bangladesh - NZ Trade Relations

Bangladesh enjoys duty-free market access to New Zealand’s market since 2001. As a result, bilateral trade between Bangladesh and New Zealand has been growing steadily. Though Bangladesh is the 40th import and 27th export trading partner of New Zealand, the trend of bilateral trade is upward. Items of export from Bangladesh are readymade garments, home apparels, Articles of leather and footwear, jute and jute goods, ceramics tableware, fertilizers, and tea etc. Items of import from New Zealand are milk and milk products, Iron and steel, sugar, edible fruit and nuts, animal products, animal fats, butter, gas compressors and sawn timber, etc. In the year ended June 2023 New Zealand exported US$525.42 million of total goods and services to Bangladesh and imported US $232.81 million, representing a trade balance of US$292.61 million and a total trade value of US$758.23 million. This represented 0.5% of all exports of total goods and services in this time and 0.2% of imports. On the other hand, Bangladesh exported US$ 131.90 million to New Zealand during FY 2022-23.


Bangladesh-New Zealand trade statistics are shown in the following Tables:


Bangladesh exported to New Zealand

US Dollar Million

Product code and Product label

2018-19

2019-20

2020-21


2021-22


2022-23

Total

91.79

82.07

104.30

116.29

130.82

61: Articles of apparel, knitted

51.35

48.53

63.78

77.64

90.18

62: Articles of apparel, not knitted

30.27

26.26

32.90

33.35

35.24

63: Other made-up textile articles

2.81

1.57

1.71

2.41

2.74

53: Other vegetable textile fibres

1.26

1.65

1.37

0.78

0.23

64: Footwear

0.5

0.81

0.91

0.57

0.86

19: Preparations of cereals

0.49

1.07

0.91

0.44

0.60

20: Preparation of vegetables

0.6

0.8

0.81

0.64

0.60

65: Headgear

0.35

0.4

0.39

0.29

0.27

42: Articles of leather

-

0.09

0.20

0.17

0.10

Source: Export Statistics, Export Promotion Bureau, Bangladesh



Bangladesh imported from New Zealand                                                                                                                

Unit: US Dollar Million

Product code

Product label

Value in 2018

Value in 2019

Value in 2020

Value in 2021

Value in 2022

'TOTAL

All products

222.60

258.66

246.92

300.85

375.76

'04

Dairy produce

208.03

226.15

201.22

227.70

287.46

'72

Iron and steel

5.02

20.38

39.26

69.62

83.34

'17

Sugars

1.40

0.94

1.42

1.54

1.50

'08

Edible fruit and nuts

0.55

3.77

0.98


0.22


1.81

'90

Optical, photographic

0.40

0.09

0.63


0.02


0.01

'19

Preparations of cereals

0.32

0.48

0.60


1.17


0.44

'07

Edible vegetables

0.02

0.03

0.43


0.01

     0.43

'25

Salt; sulphur

0.69

0.77

0.40

0.48

0.68

'51

Wool

0.19

0.09

0.07

0.09

0.09

Source: Comtradeplus.un.org


In 2021, New Zealand exported US$525M to Bangladesh. The main products exported from New Zealand to Bangladesh were Concentrated Milk ($390M), Scrap Iron ($119M), and Butter ($3.89M). During the last 26 years the exports of New Zealand to Bangladesh have increased at an annualized rate of 14.1%, from $16.8M in 1995 to $525M in 2021. In 2021, New Zealand ranked 46 in the Economic Complexity Index (ECI 0.46), and 49 in total exports ($68.4B). That same year, Bangladesh ranked 101 in the Economic Complexity Index (ECI -0.85), and 56 in total exports ($51.8B).


In 2022, Bangladesh exported US$ 380 million to New Zealand. In 2022, the main products exported from Bangladesh to New Zealand was articles of apparel and clothing accessories, knitted or crocheted ($87.84 million) and articles of apparel and clothing accessories, not knitted or crocheted (US$ 50.24 million). The annual growth in value between 2018-22 in these two sectors was 12%. Other made-up textile articles; sets; worn clothing and worn textile articles; rags were US$ 3.5 million.