Solomon Islands, Vanuatu, and other Pacific Island Countries - Potential Markets for Bangladesh

Solomon Islands, Vanuatu, and other Pacific Island Countries - Potential Markets for Bangladesh


According to the statistics of the Export Promotion Bureau of Bangladesh, Bangladesh’s export to Solomon Islands and Vanuatu were U$ 1.89 million and U$0.76 million respectively in the year 2020-21. Bangladesh mainly exports RMG and imports oilseed from the Solomon Islands, Vanuatu, and other Pacific Island countries. Although Solomon Islands and Vanuatu are relatively small players in the international trade, if all the Pacific Islands Countries are considered as a single market, there is a sizeable potentiality to enter this new market with an existing export portfolio. Bangladeshi exporters could emphasise on the export of readymade garments to boost trade with these countries and focus on cosmetics, leather articles, footwear, frozen fish & vegetables, plastic products, pharmaceuticals, and furniture items for diversified trade. In addition, Bangladesh may get a reasonable advantage to import oil seeds and wood from the Pacific Island Countries, including Solomon Islands and Vanuatu.

 

Year-wise, Bangladesh’s Exports to Solomon Islands

 

Year

Export Volume in US$ Million

2016-17

0.31

2017-18

0.38

2018-19

0.91

2019-20

1.09

2020-21

1.89

Source: Export Statistics, Export Promotion Bureau, Bangladesh

 

Year-wise, Bangladesh’s Exports to Vanuatu 

Year

Export Volume in US$ Million

2016-17

0.61

2017-18

0.53

2018-19

0.63

2019-20

0.56

2020-21

0.76

 

 

 

 

 

 

 

Source: Export Statistics, Export Promotion Bureau, Bangladesh