Bangladesh import of aluminium stranded wire during 2019-20 shows exponential growth; 2021 envisions 2% upswing

The economy of Bangladesh has visualized being one of the fastest-growing contenders in the world in context to the past few years, with a stable economic performance that has supported to shrink poverty and social inequalities. The country’s GDP growth was estimated to have reached 8.2% in 2019 and remained positive at 3.8% in 2020 despite the global economic effect of the COVID-19 pandemic. It is predicted to shot up to 4.4% in 2021 and 7.9% in 2022, according to the updated IMF forecasts.

The South Asian nation to the east of India has registered importation of 26,061 tonnes of aluminium stranded wire in 2019-20 and the foreign revenue expended for the import remained at $68.86 million.

Bangladesh import of aluminium stranded wire in 2019 was recorded at 9242 tonnes and the revenue expenditure accounted for $17.90 million, whereas, in 2020, the import saw an exponential growth by 72.24%, as the import volume surged to 15,819 tonnes and the expenditure skyrocketed to $50.96 million.

The import for 2021 has been envisioned with growth by 2.09%, as the import volume is predicted to reach 16,150 tonnes, while the expenditure to drop at $46.83 million.

Bangladesh major trading destinations for the importation of aluminium stranded wire are China, India, Japan, Thailand, etc.