Trade Scenario Between Bangladesh and Russia

Trade Scenario Between Bangladesh and Russia

Bangladesh and Russia enjoy growing trade relations. There exists huge potential for further enhancement of bilateral trade. Vast potential market and advantage of growing demand of goods could develop into fruitful economic relations with Russia. The trade and economic relations between the two friendly countries initiated by signing a General Trade Agreement (GTA) signed on 31.03.1972 between Bangladesh and the former USSR.

Bangladesh – Russia Balance of Trade

Value in Million US$

• Main export commodities of Bangladesh to Russia: Shrimps, Knitwear, Woven garments, Jute, Jute yarn and twine, Home textile, Ceramic tableware, Leather, etc.
• Main export commodities of Russia to Bangladesh: Products of Chemical and allied industries, Fertilizers, Corns (wheat), Steel metal, Machinery & mechanical appliances, electrical equipment,  Vehicles, Aircrafts, Vessels, Vegetables products, etc.
• Russia is member of the Eurasian Economic Union (EAEU), which is an international organization for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union. The EAEU provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union. The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

Key Sectors for Investment:

• Key sectors for investment are : Ship-building. Business Process Outsourcing (BPO) , frozen fish, leather and leather products, ceramics, agro-based industries, pharmaceuticals, tourism, Agro-based business, plastic, Furniture, Home textile, Jute & jute products , IT Sector etc.
• A Nuclear Power Plant with total capacity of 2,400 MW is under construction at Rooppur with the technical and financial supports of Russia. The project is scheduled to be completed by 2025. Russia offered US $500 million credit for the project.
• Though we enjoy very excellent bilateral relations, trade between our two countries is still insignificant in spite of existence of much potential. In the last year (2019-20), export to Russia was of US$ 487.29 million, while import from Russia was of US$ 781.90 million. That means, total volume of bilateral trade was only US$ 1269.19 million. So, there is ample scope to enhance trade between the two countries.

Top 20 Exported Item in Russia for the year 2020-2021:    

Total Export Amount:  665,315,951.84 USD