Bangladesh eyes Latin American markets

Director of Dhaka bank Reshadur Rahaman.

By Imtiaz Ahmed and Samia Tabassum

As the traditional export markets like USA, EU and Canada are being saturated, Bangladesh has been looking at penetrating potential and prospective Latin American markets, said LABCCI president Md. Anwar Shawkat Afser.

Md Anwar Shawkat Afser, managing director of Sakhi Lines (Sakhi Group), said that though Bangladesh’s total export to Latin American markets has been below the potentials until recently, products like ready-made garments (RMG), pharmaceuticals, jute products, and leather goods will penetrate in that regions in the coming days.

In recent years, bilateral trade between Bangladesh and Latin American nations has been steadily increasing.

As  the Russia-Ukraine war began in 2022 putting at risk the availability of Russian grains , Bangladesh looked to the market of Latin America to source consumer goods. Against this backdrop, Brazil and Argentina are increasing their products like sugar, soybean, wheat and grain to Bangladesh….

Afser is a social activist and was the former district governor of Lions Clubs International District 315-B4, Bangladesh (2005-06); former council chairperson of Lions Clubs International, Multiple District 315, Bangladesh (2006-07), vice-president of Bangladesh Human Rights Commission (Chittagong...

Meanwhile, in March, 2022, Latin America-Bangladesh Chamber of Commerce & Industry (LABCCI) signed a Memorandum of Understanding (MoU) with the Bangladesh Investment Development Authority (BIDA) at its office at Agargaon in the capital.

Bangladesh’s multilateral engagement, particularly in economic sector with Brazil, the largest economy of Latin America and an important member of BRICS (Brazil, Russia, India, China and south Africa) has increased as both Dhaka and Brasilia are exploring every avenue to reach the relations between two countries to a new height in new perspective,  Md. Anwar Shawkat Afser  said.

Bangladesh’s exports to Brazil during the 2024-25 fiscal year stood at 214 million US dollars , according to the data of the Export Promotion Bureau (EPB).

The World Bank projects Latin America and the Caribbean will grow 2.1 per cent  in 2026 — slightly below the 2.4 per cent recorded in 2025. The IMF puts the number slightly higher at 2.3 per cent..

The total nominal GDP for Latin America and the Caribbean in 2025 is approximately $7.40 trillion based on International Monetary Fund (IMF) data compiled by Worldometer GDP Data.

Top economies in the region (Nominal GDP 2025) Brazil: $2.28 trillion, Mexico: $1.83 trillion, Argentina: $683.1 billion, Colombia: $457.41 billion, Chile: $357.37 billion.

Bangladesh exported goods worth 187 million US dollars to Brazil in 2024-25 fiscal year as against 147 million in 2023-24 posting 26 per cent growth over the previous fiscal year, according to the data of the Export Promotion Bureau (EPB). Bangladesh exported 16 million (15820218.43 US dollars) in the month of July in 2025-26 fiscal year, according to EPB.

Bangladesh exported goods worth 175 million US dollars to Brazil during July-June period of the 2022-23 fiscal year.

In the 2021-22 fiscal year, Bangladesh exported goods valued at $109.20 million to Brazil. The main products that Bangladesh exported to Brazil were Jerseys, pullovers, cardigans, waistcoats and similar articles; knitted or crocheted, shirts; men's or boys' (not knitted or crocheted), and suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (other than swimwear); men's or boys' (not knitted or crocheted).

In the 2021-22 fiscal year, Brazil exported goods valued $2,245.1 million US dollars to Bangladesh. The main products that Brazil exported to Bangladesh were cane or beet sugar and chemically pure sucrose, in solid form, cotton; not carded or combed, and soybeans, whether or not broken.

As the fourth supplier in order of rank, Brazil sold goods worth USD 2661.8 million (4.2%) during 2023-2024 compared to USD 2592.5 million (3.8%) during the previous year, according to Bangladesh Bank data.

Brazil was the fifth largest import source of Bangladesh in the 2022-23 fiscal year with imports recorded at 2592.5 million US dollars (3.80 per cent of total import).  The total import of Bangladesh recorded at 68459.9 million US dollars, according to the data of Bangladesh Bank.

Over the years, the government of Bangladesh has been working on increasing economic engagement with major Latin American countries, particularly with Brazil, said a Bangladesh diplomat while talking to this correspondent.

In recent developments, the USA imposes high tariff rates on goods of different countries launching a trade war with rest trading partners. Though initially the USA imposes a 35 percent tariff on Bangladeshi goods, later Dhaka successfully negotiated with Washington to fix the rate at around 20 per cent.

According to sources in Dhaka and Brasilia, some 7,000-8,000 expat Bangladeshis are living in Brazil. However, the number of expat Bangladeshis is rapidly increasing in recent times.

In view of the global energy crisis, Bangladesh can mull over negotiating with Venezuela regarding import of petroleum products, said LABCCI president Md. Anwar Shawkat Afser

Venezuela has the world's largest estimated oil reserves…Venezuela holds about 17% of global reserves or 303 billion barrels, ahead of Organization of the Petroleum Exporting Countries (OPEC) leader Saudi Arabia, according to the London-based Energy Institute.

He also said Paraguay is good wood. He also said that Paraguay, Chile and Venezuela are good sources of spices at most competitive prices, said  Md. Anwar Shawkat Afser……….…………..

President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser  while talking to this correspondent recently said that Bangladesh should penetrate deeply into the Latin American market, especially in Brazil as the latter is becoming an emerging economy in Latin America.

“The competitiveness and strength of our textile and clothing industries have increased over the last 40 years since the journey began in the late 70s. Brazil  is an important economy in Latin America. Our exporters have the capacity to tap that market” said  Shahidullah Azim, former Vice president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA)

He said an increased export of readymade garments to the Brazilian market will help reduce the widening trade gap with the Latin American market.

Shahidullah Azim, Managing Director of Classic Fashion Concept Ltd, a leading readymade garment exporter, said Bangladesh should start talks on signing FTA with major importing countries to maintain present export growth.

Brazil's economy is the seventh largest in the world, and accounts for more than 40% of Latin America's economy. The country is also the seventh largest consumer market in the world

Md. Anwar Shawkat Afser said Brazil is looking at expanding consumer market in Bangladesh with a total population of 180 million.

Bangladesh and Brazil have increased their engagement in multilateral sectors as the bilateral trade between the two countries marked a higher growth in recent times, he said.

Brazil can import more products including jute and jute goods and leather items from Bangladesh to ensure the trade balance between the two countries, he continued.

Meanwhile, Bangladesh is seeking to tap into the untapped readymade garments (RMG) market in Brazil to reduce the widening trade gap between the two countries, Sources said in Dhaka and Brasilia.

Bangladesh and Brazil have increased their engagement in multilateral sectors, especially in trade and investment, as bilateral trade between the two countries has shown higher growth in recent times, Md. Anwar Shawkat Afser said.

Asif Ibrahim, former DCCI president and Managing Director of New Age while talking to this correspondent said Latin American markers like Brazil, Argentina and Uruguay remain untapped though Bangladesh is the second largest exporter of clothing in the global market. Asif Ibrahim some Bangladeshi garment products are being exported to Brazil through some top global markets. Bangladesh hardly directly exports readymade garments (RMG) to Brazil markets. He said that collective efforts of BGMEA, Export Promotion Bureau (EPB), Bangladesh missions in Latin America and Latin American missions in Dhaka can play a key role in penetrating into Latin American markets..

Meanwhile, Bangladesh should explore business potentials with Argentina to the maximum level as the South Asian country should leave no stone unturned to increase export to the Latin American country, said  President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser

Bangladesh’s export to Argentina  during the 2024-25 fiscal year stood at 35 million US dollars, according to the data of the Export Promotion Bureau (EPB).

Bangladesh’s exports to Latin America stood at only 15440006.78 US dollars (15 million US dollars) during July-June 2022-23 fiscal year. Bangladesh’s exports  to Argentina stood at  5580742.6  US dollars during the July-October period of the 2023-24 fiscal year..

Though Argentina’s export to Bangladesh stands at some 800 million US dollars,

Business leaders of Bangladesh should work hard to increase trade with the Latin American country, particularly to boost ready-made garments to the Latin American country, said Md. Anwar Shawkat Afser, president  of the Latin America Chamber of Commerce and Industry (FBCCI) while talking to this correspondent .

He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.

According to available information Bangladesh, Pakistan, India and China are primary exporters of readymade garments to Argentina with Bangladesh’s share not significant.     

President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new markets to Argentina as the government gives special incentives on export to non- traditional markets.

He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.

Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters (BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile,  Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.

President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new markets to Argentina as the government gives special incentives on export to non- traditional markets.

Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters Association ((BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile, Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.

Meanwhile, the Bangladesh government  has opened a mission in Argentina.Argentina opened its embassy in Dhaka on 27,  February, 2023 to improve and develop relations between the two countries.

Meanwhile, former Bangladesh Ambassador to Brazil and accredited  to Argentina Sadia Faizunnesa held talks with Argentine Foreign Minister Santiago Andres Cafiero in Buenos Aires this year.

Bangladesh is giving importance to FTAs and PTAs to maintain export momentum after transitioning from Least Developed Country (LDC) status, the Latin America Chamber of Commerce and Industry President  said.

He found that there is a chance of exporting Bangladeshi goods, such as garments, jute and leather products, generic drugs, pharmaceutical products, ceramic and plastic, home textiles, agricultural and processed agricultural products, shrimp, frozen food, bicycles, refrigerators, air conditioners, light engineering products, to these countries.

Meanwhile, Bangladesh imports soybean oil, wheat and sugar with import bills worth several billion US dollars.

Bangladesh is largely dependent on Indian wheat and sugar and Brazilian soybean, sugar and wheat.

Meanwhile Uruguay could emerge as a key gateway for Bangladesh’s readymade garment (RMG) exports to the Mercosur market, one of South America’s most influential regional trading blocs, said leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA)

The observation came when Alberto Guani, Ambassador of Uruguay to Bangladesh, paid a courtesy visit to the BGMEA office this year.

During the meeting, both sides held detailed discussions on bilateral trade and investment, as well as on strengthening cooperation to address post-LDC graduation challenges, said a BGMEA press release.

At the outset, Senior Vice President Inamul Haq Khan highlighted various aspects of Bangladesh’s RMG sector and sought Uruguay’s cooperation in increasing apparel exports from Bangladesh to Uruguay.

He said that although Bangladesh is the world’s second-largest apparel exporter, it has yet to make significant inroads into the Latin American market, adding that the country is keen to tap this untapped potential.

BGMEA Director Shah Rayeed Chowdhury said Uruguay could particularly play a vital role as the main gateway for Bangladesh apparel exports to the wider Mercosur region.

Ambassador Alberto Guani expressed Uruguay’s interest in increasing apparel imports from Bangladesh. He also proposed exporting Uruguay’s world-class, fully traceable wool to Bangladesh.

By Imtiaz Ahmed and Samia Tabassum

As the traditional export markets like USA, EU and Canada are being saturated, Bangladesh has been looking at penetrating potential and prospective Latin American markets, said LABCCI president Md. Anwar Shawkat Afser……….

Md Anwar Shawkat Afser, managing director of Sakhi Lines (Sakhi Group), said that though Bangladesh’s total export to Latin American markets has been below the potentials until recently, products like ready-made garments (RMG), pharmaceuticals, jute products, and leather goods will penetrate in that regions in the coming days.

In recent years, bilateral trade between Bangladesh and Latin American nations has been steadily increasing.

As  the Russia-Ukraine war began in 2022 putting at risk the availability of Russian grains , Bangladesh looked to the market of Latin America to source consumer goods. Against this backdrop, Brazil and Argentina are increasing their products like sugar, soybean, wheat and grain to Bangladesh….

Afser is a social activist and was the former district governor of Lions Clubs International District 315-B4, Bangladesh (2005-06); former council chairperson of Lions Clubs International, Multiple District 315, Bangladesh (2006-07), vice-president of Bangladesh Human Rights Commission (Chittagong...

Meanwhile, in March, 2022, Latin America-Bangladesh Chamber of Commerce & Industry (LABCCI) signed a Memorandum of Understanding (MoU) with the Bangladesh Investment Development Authority (BIDA) at its office at Agargaon in the capital.

Bangladesh’s multilateral engagement, particularly in economic sector with Brazil, the largest economy of Latin America and an important member of BRICS (Brazil, Russia, India, China and south Africa) has increased as both Dhaka and Brasilia are exploring every avenue to reach the relations between two countries to a new height in new perspective,  Md. Anwar Shawkat Afser  said.

Bangladesh’s exports to Brazil during the 2024-25 fiscal year stood at 214 million US dollars , according to the data of the Export Promotion Bureau (EPB).

The World Bank projects Latin America and the Caribbean will grow 2.1 per cent  in 2026 — slightly below the 2.4 per cent recorded in 2025. The IMF puts the number slightly higher at 2.3 per cent..

The total nominal GDP for Latin America and the Caribbean in 2025 is approximately $7.40 trillion based on International Monetary Fund (IMF) data compiled by Worldometer GDP Data.

Top economies in the region (Nominal GDP 2025) Brazil: $2.28 trillion, Mexico: $1.83 trillion, Argentina: $683.1 billion, Colombia: $457.41 billion, Chile: $357.37 billion.

Bangladesh exported goods worth 187 million US dollars to Brazil in 2024-25 fiscal year as against 147 million in 2023-24 posting 26 per cent growth over the previous fiscal year, according to the data of the Export Promotion Bureau (EPB). Bangladesh exported 16 million (15820218.43 US dollars) in the month of July in 2025-26 fiscal year, according to EPB.

Bangladesh exported goods worth 175 million US dollars to Brazil during July-June period of the 2022-23 fiscal year.

In the 2021-22 fiscal year, Bangladesh exported goods valued at $109.20 million to Brazil. The main products that Bangladesh exported to Brazil were Jerseys, pullovers, cardigans, waistcoats and similar articles; knitted or crocheted, shirts; men's or boys' (not knitted or crocheted), and suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (other than swimwear); men's or boys' (not knitted or crocheted).

In the 2021-22 fiscal year, Brazil exported goods valued $2,245.1 million US dollars to Bangladesh. The main products that Brazil exported to Bangladesh were cane or beet sugar and chemically pure sucrose, in solid form, cotton; not carded or combed, and soybeans, whether or not broken.

As the fourth supplier in order of rank, Brazil sold goods worth USD 2661.8 million (4.2%) during 2023-2024 compared to USD 2592.5 million (3.8%) during the previous year, according to Bangladesh Bank data.

Brazil was the fifth largest import source of Bangladesh in the 2022-23 fiscal year with imports recorded at 2592.5 million US dollars (3.80 per cent of total import).  The total import of Bangladesh recorded at 68459.9 million US dollars, according to the data of Bangladesh Bank.

Over the years, the government of Bangladesh has been working on increasing economic engagement with major Latin American countries, particularly with Brazil, said a Bangladesh diplomat while talking to this correspondent.

In recent developments, the USA imposes high tariff rates on goods of different countries launching a trade war with rest trading partners. Though initially the USA imposes a 35 percent tariff on Bangladeshi goods, later Dhaka successfully negotiated with Washington to fix the rate at around 20 per cent.

According to sources in Dhaka and Brasilia, some 7,000-8,000 expat Bangladeshis are living in Brazil. However, the number of expat Bangladeshis is rapidly increasing in recent times.

In view of the global energy crisis, Bangladesh can mull over negotiating with Venezuela regarding import of petroleum products, said LABCCI president Md. Anwar Shawkat Afser

Venezuela has the world's largest estimated oil reserves…Venezuela holds about 17% of global reserves or 303 billion barrels, ahead of Organization of the Petroleum Exporting Countries (OPEC) leader Saudi Arabia, according to the London-based Energy Institute.

He also said Paraguay is good wood. He also said that Paraguay, Chile and Venezuela are good sources of spices at most competitive prices, said  Md. Anwar Shawkat Afser……….…………..

President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser  while talking to this correspondent recently said that Bangladesh should penetrate deeply into the Latin American market, especially in Brazil as the latter is becoming an emerging economy in Latin America.

“The competitiveness and strength of our textile and clothing industries have increased over the last 40 years since the journey began in the late 70s. Brazil  is an important economy in Latin America. Our exporters have the capacity to tap that market” said  Shahidullah Azim, former Vice president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA)

He said an increased export of readymade garments to the Brazilian market will help reduce the widening trade gap with the Latin American market.

Shahidullah Azim, Managing Director of Classic Fashion Concept Ltd, a leading readymade garment exporter, said Bangladesh should start talks on signing FTA with major importing countries to maintain present export growth.

Brazil's economy is the seventh largest in the world, and accounts for more than 40% of Latin America's economy. The country is also the seventh largest consumer market in the world

Md. Anwar Shawkat Afser said Brazil is looking at expanding consumer market in Bangladesh with a total population of 180 million.

Bangladesh and Brazil have increased their engagement in multilateral sectors as the bilateral trade between the two countries marked a higher growth in recent times, he said.

Brazil can import more products including jute and jute goods and leather items from Bangladesh to ensure the trade balance between the two countries, he continued.

Meanwhile, Bangladesh is seeking to tap into the untapped readymade garments (RMG) market in Brazil to reduce the widening trade gap between the two countries, Sources said in Dhaka and Brasilia.

Bangladesh and Brazil have increased their engagement in multilateral sectors, especially in trade and investment, as bilateral trade between the two countries has shown higher growth in recent times, Md. Anwar Shawkat Afser said.

Asif Ibrahim, former DCCI president and Managing Director of New Age while talking to this correspondent said Latin American markers like Brazil, Argentina and Uruguay remain untapped though Bangladesh is the second largest exporter of clothing in the global market. Asif Ibrahim some Bangladeshi garment products are being exported to Brazil through some top global markets. Bangladesh hardly directly exports readymade garments (RMG) to Brazil markets. He said that collective efforts of BGMEA, Export Promotion Bureau (EPB), Bangladesh missions in Latin America and Latin American missions in Dhaka can play a key role in penetrating into Latin American markets..

Meanwhile, Bangladesh should explore business potentials with Argentina to the maximum level as the South Asian country should leave no stone unturned to increase export to the Latin American country, said  President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser

Bangladesh’s export to Argentina  during the 2024-25 fiscal year stood at 35 million US dollars, according to the data of the Export Promotion Bureau (EPB).

Bangladesh’s exports to Latin America stood at only 15440006.78 US dollars (15 million US dollars) during July-June 2022-23 fiscal year. Bangladesh’s exports  to Argentina stood at  5580742.6  US dollars during the July-October period of the 2023-24 fiscal year..

Though Argentina’s export to Bangladesh stands at some 800 million US dollars,

Business leaders of Bangladesh should work hard to increase trade with the Latin American country, particularly to boost ready-made garments to the Latin American country, said Md. Anwar Shawkat Afser, president  of the Latin America Chamber of Commerce and Industry (FBCCI) while talking to this correspondent .

He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.

According to available information Bangladesh, Pakistan, India and China are primary exporters of readymade garments to Argentina with Bangladesh’s share not significant.     

President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new markets to Argentina as the government gives special incentives on export to non- traditional markets.

He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.

Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters (BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile,  Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.

President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new markets to Argentina as the government gives special incentives on export to non- traditional markets.

Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters Association ((BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile, Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.

Meanwhile, the Bangladesh government  has opened a mission in Argentina.Argentina opened its embassy in Dhaka on 27,  February, 2023 to improve and develop relations between the two countries.

Meanwhile, former Bangladesh Ambassador to Brazil and accredited  to Argentina Sadia Faizunnesa held talks with Argentine Foreign Minister Santiago Andres Cafiero in Buenos Aires this year.

Bangladesh is giving importance to FTAs and PTAs to maintain export momentum after transitioning from Least Developed Country (LDC) status, the Latin America Chamber of Commerce and Industry President  said.

He found that there is a chance of exporting Bangladeshi goods, such as garments, jute and leather products, generic drugs, pharmaceutical products, ceramic and plastic, home textiles, agricultural and processed agricultural products, shrimp, frozen food, bicycles, refrigerators, air conditioners, light engineering products, to these countries.

Meanwhile, Bangladesh imports soybean oil, wheat and sugar with import bills worth several billion US dollars.

Bangladesh is largely dependent on Indian wheat and sugar and Brazilian soybean, sugar and wheat.

Meanwhile Uruguay could emerge as a key gateway for Bangladesh’s readymade garment (RMG) exports to the Mercosur market, one of South America’s most influential regional trading blocs, said leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA)

The observation came when Alberto Guani, Ambassador of Uruguay to Bangladesh, paid a courtesy visit to the BGMEA office this year.

During the meeting, both sides held detailed discussions on bilateral trade and investment, as well as on strengthening cooperation to address post-LDC graduation challenges, said a BGMEA press release.

At the outset, Senior Vice President Inamul Haq Khan highlighted various aspects of Bangladesh’s RMG sector and sought Uruguay’s cooperation in increasing apparel exports from Bangladesh to Uruguay.

He said that although Bangladesh is the world’s second-largest apparel exporter, it has yet to make significant inroads into the Latin American market, adding that the country is keen to tap this untapped potential.

BGMEA Director Shah Rayeed Chowdhury said Uruguay could particularly play a vital role as the main gateway for Bangladesh apparel exports to the wider Mercosur region.

Ambassador Alberto Guani expressed Uruguay’s interest in increasing apparel imports from Bangladesh. He also proposed exporting Uruguay’s world-class, fully traceable wool to Bangladesh.