Bangladesh: Government Intensifies Trade with Australia

Bangladesh held a trade fair in Sydney, Australia for the first time in April. 53 participants concluded contracts with Australian firms centering on knitted wear, hand woven fabrics, and footwear, etc. According to the Export Promotion Bureau, the trade balance shows a deficit for Bangladesh as imports from Australia exceed Bangladesh's exports to Australia. Imports amounted to US$220 million against the estimation, of US$36 million for 2002-2003. In order to expand trade between the two countries, the Australia-Bangladesh Chamber of Commerce and Industry was established in January 2004. The statistics of EPB show that exports to Australia decreased 17% for 20032004 as a result of exporters' reluctant deals with deregulation or quota-free business. Bangladeshi exports to Australia amounted to US$30.586 million for 2003-04. The government plans to intensify export promotion by demonstrating their textile products at international trade fairs.