Why HS Code Analysis Matters in Korea-Bangladesh Trade
Bilateral trade between Korea and Bangladesh spans more than 500 product lines at the HS 6-digit level. At the same time, the top 20 items account for roughly 78% of total trade, revealing a highly concentrated structure in which a limited set of core products shapes the overall direction of commerce. A three-year review of 2022-2024 data at the HS code level makes it possible to identify structural shifts, rising segments, and contracting categories with much greater precision.
This report goes beyond a simple statistical listing. It interprets the drivers behind item-level trade changes and outlines the outlook for 2025, offering practical intelligence for Korean exporters building HS code-based market strategies.
Top 10 Korean Export Items to Bangladesh Over Three Years
| Rank | HS Code | Product | 2022 | 2023 | 2024(E) | 3-Year Trend |
|---|---|---|---|---|---|---|
| 1 | 8446 | Weaving Machines | 85 | 78 | 90 | Up, recovering |
| 2 | 3907 | PET and Polyester Resins | 72 | 65 | 70 | Stable improvement |
| 3 | 7210 | Galvanized Steel Sheet | 60 | 55 | 58 | Mild recovery |
| 4 | 8447 | Knitting Machines | 55 | 50 | 60 | Growing |
| 5 | 5402 | Synthetic Filament Yarn | 48 | 42 | 45 | Recovering |
| 6 | 3920 | Plastic Plates, Sheets and Film | 40 | 38 | 42 | Growing |
| 7 | 8541 | Semiconductor Devices | 25 | 32 | 40 | Rapid growth |
| 8 | 8517 | Phone and Smartphone Parts | 22 | 28 | 35 | Rapid growth |
| 9 | 8451 | Industrial Washing and Drying Machines | 30 | 28 | 32 | Recovering |
| 10 | 3204 | Synthetic Dyes | 28 | 25 | 30 | Recovering |
Analysis of Growth Items
The standout growth items over the three-year period are semiconductor devices (HS 8541) and phone and smartphone parts (HS 8517). A key driver has been rising component demand linked to the expansion of Korea Electronics production in Bangladesh, with both categories recording year-on-year growth of around 25% in 2024. Knitting machines (HS 8447) and plastic film products (HS 3920) have also maintained steady momentum, suggesting that Bangladesh's RMG sector continues to expand its investment in equipment and packaging materials on a structural basis.
Items Facing Decline or Adjustment
Weaving machines (HS 8446) and synthetic filament yarn (HS 5402) declined in 2023 but showed signs of recovery in 2024. The 2023 slowdown was primarily linked to Bangladesh's foreign exchange crisis and tighter controls on LC openings rather than a structural drop in demand. Galvanized steel sheet (HS 7210), however, faces a more persistent challenge as price competition from Indian suppliers intensifies.
Top 10 Imports from Bangladesh Into Korea Over Three Years
| Rank | HS Code | Product | 2022 | 2023 | 2024(E) | 3-Year Trend |
|---|---|---|---|---|---|---|
| 1 | 6109 | T-Shirts and Knit Apparel | 220 | 210 | 225 | Stable |
| 2 | 6204 | Women's Woven Apparel | 150 | 145 | 155 | Moderate growth |
| 3 | 6203 | Men's Woven Apparel | 80 | 78 | 82 | Stable |
| 4 | 4107 | Processed Leather (Bovine) | 45 | 50 | 55 | Growing |
| 5 | 0306 | Frozen Shrimp | 35 | 38 | 42 | Growing |
| 6 | 6110 | Knit Sweaters and Cardigans | 30 | 32 | 35 | Growing |
| 7 | 6402 | Footwear of Rubber and Plastics | 20 | 22 | 25 | Growing |
| 8 | 5309 | Jute Fabrics | 18 | 16 | 15 | Declining |
| 9 | 5205 | Cotton Yarn | 15 | 14 | 16 | Recovering |
| 10 | 0303 | Frozen Fish | 10 | 12 | 15 | Growing |
On the import side, T-shirts and knit apparel (HS 6109) remain by far the largest item, followed by women's and men's woven garments (HS 6204 and 6203). A notable development is the stronger growth of non-apparel items such as processed leather (HS 4107), frozen shrimp (HS 0306), and footwear (HS 6402). This points to a gradual diversification of Bangladesh's export structure beyond its traditional garment base.
New Entrants and Fast-Growing Product Groups
Several products that newly entered the top tier in 2024, or posted exceptionally rapid growth, merit separate attention. These items can serve as forward indicators of how the bilateral trade structure may evolve in the coming years.
| HS Code | Product | 2022 | 2024(E) | Growth Rate | Background |
|---|---|---|---|---|---|
| 8708 | Auto Parts | $8M | $18M | +125% | Growth in local CKD assembly |
| 8507 | Lithium-Ion Batteries | $3M | $10M | +233% | Demand from electronics and EV-related uses |
| 3002 | Pharmaceutical and Bio Products | $5M | $12M | +140% | Healthcare investment in Bangladesh |
| 8471 | Computers and Servers | $4M | $9M | +125% | Digital infrastructure investment |
| 2106 | Food Preparations | $2M | $7M | +250% | Surging demand for K-food |
Structural Changes in the Trade Mix
2025 Outlook by Product Group
| Product Group | 2024 Estimate | 2025 Outlook | Growth Rate | Key Variable |
|---|---|---|---|---|
| Textile Machinery (HS 84) | $450M | $500M | +11% | RMG equipment investment cycle |
| Chemicals and Materials (HS 28-39) | $250M | $280M | +12% | Dye and resin pricing trends |
| Steel and Metals (HS 72-73) | $180M | $190M | +6% | Price competition from India |
| Electronics and IT (HS 85) | $120M | $150M | +25% | Korea Corp expansion timeline |
| Automotive (HS 87) | $50M | $70M | +40% | Progress in CKD assembly policy |
| Food and Consumer Goods | $40M | $55M | +38% | K-content and middle-class expansion |
| Apparel Imports (HS 61-63) | $700M | $720M | +3% | Global fashion demand |
HS code-level trade analysis is a strategic tool for seeing the individual trees rather than only the forest. Structural shifts that may be obscured in aggregate trade values, such as the rise of electronics and IT, the growth of consumer goods, and the gradual decline in the relative weight of traditional items, become much clearer at the product level. Korean exporters should use this data to concentrate resources on fast-growing categories while strengthening competitiveness in segments facing adjustment.