Chattogram port has announced a significant tariff hike across various services, averaging around 40%, marking the first such increase in nearly 40 years. The updated rates officially came into effect on Sunday after the government released a gazette notification late Sunday night (14th September).
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Chief Adviser of Bangladesh Muhammad Yunus announced on Monday that Bangladesh is prepared to increase its imports from the United States, expressing optimism that this move will facilitate further tariff reductions and foster a more sustainable and mutually advantageous trade relationship.
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According to a recent visit by officials from the United States Trade Representative (USTR), if Bangladeshi exports to the US include more than 20% American-sourced raw materials, they may be eligible for lower duties.
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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) convened a significant meeting at its Uttara office on September 13 to discuss the proposed amendments to the Bangladesh Labour Act 2006 and their potential implications for the country’s garment sector.
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Trade Data
Bangladesh seeks further tariff reductions amid rising US imports of cotton, soybeans, and fuel
As Bangladesh ramps up imports of key commodities from the United States, including cotton, wheat, soybeans, and energy, there is optimism about achieving additional tariff concessions. The country anticipates that the current 20% reciprocal tariff could be lowered further, which might significantly influence its trade balance and competitiveness in the US market, its largest export destination.
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Bangladesh’s labor force saw a significant reduction of 17 lakh individuals within a year, with women making up the majority of this decline, according to the latest Labour Force Survey 2024 conducted by the Bangladesh Bureau of Statistics (BBS).
