Overview of Structural Changes in Import Items
Korea's imports from Bangladesh grew from $500M in 2021 to $800M in 2023, representing 60% growth over three years. Garments and textile products still account for an overwhelming share, but their weight gradually declined from 75% to 68%, indicating a clear diversification trend toward seafood, leather goods, and jute-related products.
Bangladesh is the world's second-largest garment exporter, and Korea remains an important buyer of Bangladeshi apparel. Expanded sourcing by SPA fashion brands, expectations of tariff reductions under a possible Korea-Bangladesh FTA, and tighter ESG compliance standards have become major drivers behind the evolving import structure.
Trends in Major Import Items
Imports from Bangladesh remain heavily concentrated in apparel, with garments under HS 61-62 dominating the structure. Knitwear (HS 61) and woven garments (HS 62) together account for roughly two-thirds of the total. Seafood products (HS 03 and 16) are led by shrimp and crab, while leather goods (HS 41-42) include hides, processed leather, and bags. Jute products (HS 5303-07) remain a traditional import item, although their relative share has been declining over time.
| Item (HS) | 2021 | 2022 | 2023 | Growth Rate | Share (2023) |
|---|---|---|---|---|---|
| Knitted garments (61) | 210 | 270 | 310 | +48% | 38.8% |
| Woven garments (62) | 165 | 200 | 234 | +42% | 29.3% |
| Seafood (03) | 40 | 60 | 80 | +100% | 10.0% |
| Leather and products (41-42) | 50 | 75 | 96 | +92% | 12.0% |
| Jute products (53) | 25 | 30 | 32 | +28% | 4.0% |
| Other textiles (63) | 5 | 10 | 18 | +260% | 2.3% |
| Food products (07-21) | 3 | 8 | 15 | +400% | 1.9% |
| IT services and others | 2 | 7 | 15 | +650% | 1.9% |
Import Diversification Analysis
The most notable items in import diversification are seafood (+100%) and leather products (+92%). Bangladeshi shrimp, including Black Tiger and Vannamei, has gained traction in the Korean seafood market thanks to strong price competitiveness relative to Southeast Asian suppliers. Leather products are also benefiting from environmental upgrades and improved product quality in the Hazaribagh and Savar leather clusters, which has encouraged greater sourcing by Korean fashion brands. IT services remain small at $15M, but Bangladesh's fast-growing IT and BPO industry, expanding at over 20% annually, suggests that this could become the fastest-growing import category in the years ahead.
Outlook and Practical Implications
Structural changes in Korea's imports from Bangladesh show a gradual diversification away from an apparel-only profile toward seafood, leather, and IT services. Garments remain the dominant import category, but the sector is undergoing a qualitative upgrade through ODM expansion and ESG adaptation. Seafood and leather grew by 100% and 92% respectively over three years, making them meaningful import categories in their own right. IT services are still small in absolute terms, but they are positioned to become the fastest-growing new category as Bangladesh's ICT industry continues to scale.