Korea-Bangladesh Trade Overview
Bilateral trade between South Korea and Bangladesh reached approximately USD 3.6 billion in 2024. Korea ranks as Bangladesh's 9th largest import source and a key supplier of raw materials and intermediate goods. Korea's exports to Bangladesh totaled approximately USD 2.8 billion, while imports stood at around USD 800 million, resulting in a trade surplus of roughly USD 2 billion for Korea. This structural trade balance reflects the industrial complementarity between the two countries — Korea exports textile raw materials, steel, and chemical products, which Bangladesh processes into finished garments for re-export to global markets.
During the 2024–2025 fiscal year, bilateral trade has shown a recovery trend, driven by global supply chain restructuring (China+1), EU market recovery, and Bangladesh's domestic growth. In particular, exports of intermediate goods such as fabrics, synthetic fibers, semi-finished steel products, and plastic raw materials have maintained steady growth, while consumer goods (cosmetics, home appliances, food products) exports are also gradually expanding.
Analysis of Exports to Bangladesh
Korea's exports to Bangladesh are overwhelmingly dominated by textiles and fabrics. As long as Bangladesh's RMG industry maintains its position as the world's second-largest garment exporter, demand for Korean raw materials and intermediate goods is expected to remain stable. In recent years, exports of high-value-added products such as functional fabrics and eco-friendly materials (recycled polyester) have been on an upward trend.
| Rank | HS Code | Product | Export Value | Share | YoY Change |
|---|---|---|---|---|---|
| 1 | HS 54 | Synthetic filament yarn/fabrics | $520M | 18.6% | +4.8% |
| 2 | HS 55 | Synthetic staple fibers | $380M | 13.6% | +3.2% |
| 3 | HS 72 | Iron and steel | $290M | 10.4% | +6.1% |
| 4 | HS 60 | Knitted fabrics | $210M | 7.5% | +2.9% |
| 5 | HS 39 | Plastics and articles | $180M | 6.4% | +5.5% |
| 6 | HS 84 | Machinery and parts | $150M | 5.4% | +8.2% |
| 7 | HS 29 | Organic chemicals | $120M | 4.3% | +3.7% |
| 8 | HS 52 | Cotton and cotton fabrics | $100M | 3.6% | -2.1% |
| 9 | HS 73 | Iron/steel products | $90M | 3.2% | +7.4% |
| 10 | HS 85 | Electrical machinery/parts | $80M | 2.9% | +12.3% |
Analysis of Imports from Bangladesh
Korea's imports from Bangladesh are dominated by finished garments (HS 61-62), accounting for approximately 70% of the total. This reflects Korean fashion brands and retailers utilizing Bangladesh as an OEM/ODM sourcing base. In recent years, imports of seafood (shrimp, crab), leather products, and jute products have also been gradually increasing.
| Rank | HS Code | Product | Import Value | Share | YoY Change |
|---|---|---|---|---|---|
| 1 | HS 61 | Knitted garments | $320M | 40.0% | +4.5% |
| 2 | HS 62 | Woven garments | $240M | 30.0% | +3.1% |
| 3 | HS 03 | Seafood | $60M | 7.5% | +8.7% |
| 4 | HS 42 | Leather goods/bags | $40M | 5.0% | +5.2% |
| 5 | HS 53 | Jute/vegetable fibers | $30M | 3.8% | -1.5% |
| 6 | HS 63 | Other textile products | $20M | 2.5% | +2.8% |
| 7 | HS 64 | Footwear | $20M | 2.5% | +15.3% |
Quarterly and Monthly Trade Trends
Korea-Bangladesh trade exhibits a distinct seasonal pattern. Following the order cycle of Bangladesh's RMG industry, Korean raw material exports peak during July–October (Q1 of Bangladesh's fiscal year), when orders for the EU and US Christmas-spring seasons are concentrated, and decline relatively during January–March (fiscal Q3).
| Quarter | Exports | Imports | Trade Volume | YoY Change |
|---|---|---|---|---|
| Q1 (Jan-Mar) | 0.62 | 0.18 | 0.80 | +3.1% |
| Q2 (Apr-Jun) | 0.68 | 0.19 | 0.87 | +4.5% |
| Q3 (Jul-Sep) | 0.81 | 0.22 | 1.03 | +6.8% |
| Q4 (Oct-Dec) | 0.69 | 0.21 | 0.90 | +5.9% |
| Annual Total | 2.80 | 0.80 | 3.60 | +5.0% |
Promising Export Products and Market Opportunities
Beyond the traditional textile and steel-centric trade structure, new export opportunities are emerging. This section analyzes new demand areas driven by Bangladesh's economic growth, expanding middle class, digital transformation, and infrastructure investment expansion.
Trade Challenges and Strategic Responses
Several structural challenges must be addressed to expand bilateral trade. In particular, changes in the tariff environment following Bangladesh's scheduled LDC graduation in 2026 could significantly impact the bilateral trade structure, necessitating proactive measures.
Korea-Bangladesh trade is built on a stable foundation of structural industrial complementarity. In the medium to long term, diversification from the traditional textile and steel focus toward consumer goods, ICT, infrastructure, and energy sectors is expected to drive sustained bilateral trade growth. Companies are encouraged to actively leverage KOTRA Dhaka Office's buyer matching, trade delegations, and market research services.