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Commerce Minister Khandker Abdul Muktadir announced in the National Parliament that the country’s trade deficit has increased by approximately $8 billion over the last five fiscal years, reaching $24.16 billion in the 2024-25 fiscal year.
He disclosed this information on Monday (June 8) in response to a starred question from Jasim Uddin Ahmed in the National Parliament.
The Commerce Minister stated that faulty policies of the previous government, coupled with the global energy crisis, price hikes due to the Russia-Ukraine war, dollar crunch, and instability in the international market, have contributed to the increase in the trade deficit.
According to him, high expenditure on importing fuel, food, and industrial raw materials, alongside comparatively slower growth in exports, are the primary reasons for the widening trade deficit.
According to information presented in Parliament, the trade deficit figures were as follows:
Fiscal Year 2020-21: $16.24 billion
Fiscal Year 2021-22: $28.13 billion
Fiscal Year 2022-23: $27.18 billion
Fiscal Year 2023-24: $21.50 billion
Fiscal Year 2024-25: $24.16 billion
During the same period, the country’s export earnings were $45.36, $60.97, $53.92, $51.11, and $55.19 billion, respectively. Conversely, import expenditures amounted to $61.60, $89.10, $78.29, $72.61, and $79.35 billion.
The Commerce Minister stated that Bangladesh currently exports goods to 202 countries. However, approximately 84 percent of the total export earnings come from the ready-made garment (RMG) sector. To reduce this dependency, the government is offering various incentives and facilities to promising sectors such as leather, jute, agricultural products, pharmaceuticals, ICT, light engineering, frozen food and fish, and plastics.
He further added that the ‘One District One Product (ODOP)’ program is being implemented to diversify export products. Under this initiative, 14 special products have been identified across 64 districts of the country.
Additionally, initiatives have been taken to sign Free Trade Agreements (FTAs) with Malaysia, Turkey, and New Zealand. Concurrently, the third round of discussions regarding a potential FTA between Singapore and Bangladesh is scheduled to take place in Dhaka in August 2026.