Africa emerges as key partner, Bangladesh eyes $4b trade
With trade nearing $4 billion and remittances hitting record highs, Bangladesh is accelerating economic engagement with Africa, particularly South Africa, focusing on pharmaceuticals, garments, jute and services to diversify beyond traditional Western markets.
As growth in traditional markets such as the US and EU slows, Bangladesh is accelerating efforts to deepen economic engagement with Africa, with total trade nearing $4 billion, according to data from the Export Promotion Bureau (EPB), Bangladesh Bank and the National Board of Revenue (NBR).
African exports to Bangladesh stood at $3.76 billion in FY2022-23, $2.84 billion in FY2023-24 and $2.90 billion in FY2024-25. During July–January of FY2025-26, imports reached $2.01 billion.
Bangladesh's exports to Africa also show steady growth—$367 million in FY2022-23, $386.5 million in FY2023-24 and $417.7 million in FY2024-25. Exports during July–January FY2025-26 totaled $271 million.
Keep updated, follow The Business Standard's Google news channel
Major African import sources include Morocco, South Africa, Benin, Burkina Faso, Cameroon, Côte d'Ivoire, Egypt, Mali and Algeria.
Business leaders say Africa offers stronger growth prospects compared to saturated markets in North America and Europe, particularly in IT-enabled services, pharmaceuticals and garments.
South Africa gains strategic importance
South Africa, a member of BRICS, has emerged as a key partner. Bangladesh's High Commissioner to South Africa, Shah Ahmed Shafi, said Pretoria is increasingly important to Dhaka's diversification strategy.
South Africa, with a population of about 63 million and GDP exceeding $400 billion, is Africa's most industrialized economy. KwaZulu-Natal, its second-largest contributor to GDP after Gauteng, has shown interest in Bangladeshi pharmaceutical investment.
Bangladesh's exports to South Africa rose from $119 million in FY2022-23 to $124.2 million in FY2024-25. South African exports to Bangladesh stood at $176 million in FY2024-25.
Total official economic engagement between the two countries surpassed $800 million in FY2024-25, including trade and remittance flows.
Remittances hit record levels
Remittances from expatriate Bangladeshis in South Africa have surged. In FY2024-25, they sent home over $402.9 million. During July–January FY2025-26 alone, remittances reached nearly $395.4 million, setting a new record.
Officials estimate that up to 30% of remittances flow through informal channels. Roughly 400,000–500,000 Bangladeshis are believed to reside in South Africa, largely engaged in small and medium businesses.
Bankers suggest that with policy support and incentives, Bangladesh's economic engagement with South Africa could reach $1 billion in 2026.
Expanding multilateral engagement
Commonwealth Observer Group Chair and former Ghanaian President Nana Akufo-Addo recently invited Bangladesh to invest in Africa's jute sector.
Meanwhile, South African High Commissioner to Bangladesh Anil Sooklal stressed the need to enhance trade visibility and people-to-people ties. He highlighted pharmaceuticals, education, culture, sports and private sector collaboration as priority areas.
Honorary Consul Md Solaiman Alam Seth said Bangladesh's steady growth, women's empowerment in garments and resilience in disaster management position it well to expand engagement with Africa's rising economies.
