Over the past five years, Bangladesh has seen a remarkable 37 per cent increase in its exports to Spain, primarily driven by higher shipments of readymade garments even as Spain stands as the fourth-largest export destination for Bangladesh, and local businesses are enthusiastic about the country’s potential for market growth, aiming to diversify their offerings beyond apparel.
Bilateral trade between Bangladesh and Spain has also surged by nearly 36 per cent in this period, reaching US $ 4.64 billion in 2022, up from US $ 3.42 billion in 2018, as per data from the International Trade Centre, a joint subsidiary organisation of the World Trade Organization and the United Nations.
In 2022, Bangladesh’s exports to Spain amounted to US $ 4.42 billion, marking a significant increase from the US $ 3.23 billion recorded in 2018. While Bangladesh’s exports to Spain have been predominantly concentrated in the readymade garment sector, businesses believe there is room for expansion by exporting a wider range of products such as leather goods, home textiles, pharmaceuticals, agricultural products, and handicrafts to the Spanish market.
Apparel exporters also see an opportunity for gaining substantial market share in Spain even if they acknowledge the need for the local industry to enhance its capacity to fulfil export orders within shorter lead times.
According to ITC data, in 2022, Bangladesh’s apparel exports to Spain totalled US $ 4.22 billion, while Spain’s total apparel imports from various countries amounted to US $ 22.33 billion.
Of this, US $ 2.46 billion came from knitwear exports, and US $ 1.76 billion came from woven garments.
Kabir Ahmed, the Secretary-General of the Spain-Bangladesh Chamber of Commerce and Industry, emphasised the potential for both countries to enhance their trade by strengthening engagement in both the public and private sectors.
He stressed the importance of Bangladesh adopting a strategic approach to fully tap into the Spanish market, encouraging exports of leather goods, pharmaceuticals, agricultural products, and handicrafts.
