M K Alam; Dhaka – The “Agreement on Reciprocal Trade” (ART) signed between Bangladesh and the United States has triggered a massive shift in trade dynamics.
According to the National Board of Revenue (NBR), Bangladesh’s imports from the US more than doubled in the first four months of 2024 compared to the same period last year.
The Numbers at a Glance
Data reveals that between January and April, Bangladesh imported goods worth Tk 19,104 crore, a staggering 101% increase from last year’s Tk 9,535 crore. In contrast, Bangladesh’s exports to the US saw a negligible growth of only 3.32%, totaling Tk 35,462 crore.
Government Entities Lead the Surge
A significant 38% of these imports were driven by three state-owned organizations:
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Petrobangla (LNG and energy)
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Directorate General of Food (Wheat)
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Biman Bangladesh Airlines (Aircraft engines and parts)
Controversy Surrounding the ART Agreement
The agreement was signed on February 9, just three days before the national election, raising concerns among economists.
Former Professor of Economics at Chittagong University, Moinul Islam, noted that while the interim government committed to increasing imports to reduce the trade deficit, the benefits for Bangladesh appear limited compared to the advantages gained by the US.
“The agreement includes minimum annual import commitments for agricultural and energy products. This suggests that Bangladesh’s interests were not prioritized,” said Professor Islam.
Key Imported Commodities
The NBR report highlights that 83% of imports consisted of 10 specific products. For the first time in years, Bangladesh imported significant quantities of LNG (Tk 4,913 crore) and LPG (Tk 3,105 crore) from the US.
Wheat imports also jumped to Tk 1,797 crore, largely driven by government procurement.
Expert Insight
M. Masrur Reaz, Chairman and CEO of Policy Exchange, explained that the US has utilized high tariffs as a tool to leverage reciprocal trade agreements.
“Since Bangladesh is a major exporter to the US market, it had to comply with these conditions, shifting its import sources for fuel and grain from other nations to the US,” he stated.
Trade Performance Comparison (Jan–Apr)
| Category | Last Year (Tk Crore) | This Year (Tk Crore) | Growth (%) |
| Imports from US | 9,535 | 19,104 | +101.4% |
| Exports to US | 34,322 | 35,462 | +3.32% |
Top 5 Imported Products from USA
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LNG: Tk 4,913 Crore
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LPG: Tk 3,105 Crore
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Wheat: Tk 1,797 Crore
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Aircraft Engines: Tk 1,852 Crore
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Cotton: Tk 1,080 Crore.