Bangladesh exports goods worth over $8 billion annually to the United States, which remains the country’s single largest export destination. In contrast, imports from the US are just over $2 billion—creating a sizable trade imbalance. To counter this, the Trump administration imposed high tariffs, triggering concern among Bangladeshi exporters who fear losing competitiveness in the US market.
In response, the Bangladesh government has adopted several strategies to reduce the trade deficit. The National Board of Revenue (NBR) has already offered tariff concessions on over 100 US-imported products. Additionally, Bangladesh has signed a deal to import 700,000 tonnes of high-quality wheat from the US. In a significant move, the government has also placed an order for 25 Boeing aircraft, aiming to ease tariff pressures. Furthermore, initiatives are underway to increase imports of US soybean oil and cotton.
According to NBR sources, major US exports to Bangladesh include agricultural products (such as food grains, seeds, soybeans, cotton, wheat, and corn), machinery and vehicles, petroleum, and metals like iron and steel. On the other hand, Bangladesh mainly exports ready-made garments, footwear, textiles, and some agricultural goods to the US.
As part of negotiations to reduce US tariffs on Bangladeshi products—which currently face rates as high as 35%—the government provided duty waivers in the national budget for over 100 US-origin goods. Sources from the Ministry of Commerce say the purchase of 25 Boeing aircraft is part of a broader reciprocal tariff negotiation. Bangladesh had previously arranged to import 700,000 tonnes of wheat annually from the US.
Work is ongoing on a draft tariff agreement. Two rounds of talks have already been held in Washington, alongside several virtual meetings. Following inter-ministerial consultations and discussions with stakeholders, Bangladesh submitted its formal stance to the US on July 23, addressing all aspects of the draft. A high-level meeting is scheduled before August 1 at the office of the US Trade Representative (USTR), where Bangladesh will be represented by the Trade Advisor, Security Advisor, and Commerce Secretary.
Commerce Secretary Mahbubur Rahman stated that Bangladesh’s order of 25 Boeing aircraft is part of a broader trend—India and Vietnam each ordered 100, while Indonesia ordered 50. Boeing will deliver based on its production capacity, and deliveries may take time. However, some aircraft may be delivered within the next two years to help expand Biman Bangladesh’s fleet—a plan that predates the current trade negotiations. Originally, Bangladesh had ordered 14 aircraft; the number was increased to 25 to strengthen bargaining over reciprocal tariffs.
He also confirmed the wheat import deal and noted that private sector businesses are exploring the possibility of importing soybean oil. Parallel meetings will be held between Bangladeshi businesses and US soybean exporters. Cotton imports have nearly been finalized and are already ongoing, albeit at a reduced volume. These measures are expected to gradually increase imports from the United States.
LND/SAE
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