Bangladesh has become the export destination for 10 Asia and Pacific countries and regions, The Financial Express reported Monday.

China, Japan, Thailand, India, Singapore, China's Hong Kong and Taiwan, Malaysia, South Korea, and Australia which had a share of more than 62 percent of the country's imports in fiscal 2003/04, improved their export businesses further in the fiscal 2004/05, said the report. Bangladesh's imports from China grew by 54 percent during the first 10 months of the fiscal year July 2004 - June 2005 over that of the same period of the fiscal 2003-2004. Bangladesh imported goods worth 81.57 billion taka (1.36 billion US dollars) from China in fiscal 2004/05, up by some 28.6 billion taka (476.6 million dollars) worth imports in fiscal 2003/04.

Neighboring India remained the top sources of imports for Bangladesh in fiscal 2004/05. In the first 10 months of the fiscal,goods worth 100.78 billion taka (1.67 billion dollars) were imported. The imports were up by some 23 billion taka (383.3 million dollars) compared to the same period of the fiscal 2003/04.

Japan sold goods worth 28.15 billion taka (469 million dollars) to Bangladesh during July 2004 - April 2005, registering some 45 percent growth over that of the same period of the fiscal 2003/04.

Textile and textile machinery, intermediate goods, edible oil, plastic products, chemical, toys, fertilizers, vehicles, iron and steel products were the main items imported from these countries and regions.

But imported goods such as luxury items, fruit juice, and jewelry, precious pearl and metal and precious fabrics registered a significant rise during the last fiscal.

Exports from Bangladesh to these countries and regions, however,had been very insignificant, resulting in further widening of the trade gap with these countries and regions.

Bangladesh's trade deficit increased to a record 3.79 billion dollars in the first 11 months of the fiscal 2004/05, putting a huge pressure on the foreign exchange reserve.

Source: Xinhua