Bangladesh’s trade with BRICS registers modest growth, but deficit surges

Published in the Financial Express on 20, June 2017

Bangladesh’s trade with the BRICS (Brazil, Russia, India, China, and South Africa) increased modestly in the past year.

Data generated from the International Trade Centre’s (ITC) Trade Map showed that bilateral trade with BRICS, an alliance of advanced developing countries, stood at $24.53 billion in 2016.

The value of the bilateral trade was $23.42 billion in 2015. Thus bilateral trade with BRICS registered 4.73 per cent growth during the period under review.

Bangladesh has, however, facing huge deficit with the BRICS in trade.

The ITC data showed that bilateral trade deficit with BRICS surged at $19.70 billion in the past year which was $18.78 billion in 2015 and $16.99 billion in 2014.

Two countries of the alliance, China and India, are leading trade partners of Bangladesh.

Bangladesh historically imports more from these two countries than export to these countries.

Trade with three other countries namely Brazil, Russia, and South Africa is still small.