As growth in traditional markets such as the United States and European Union 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, the Bangladesh Bank and the National Board of Revenue, African exports to Bangladesh stood at $3.76 billion in the fiscal 2022-23, $2.84 billion in FY24 and $2.90 billion in FY25.
During July-January of FY26, imports reached $2.01 billion.
Bangladesh’s exports to Africa also show steady growth – $367 million in FY23, $386.5 million in FY24 and $417.7 million in FY25.
Exports during July-January FY26 totalled $271 million.
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 industrialised 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 FY23 to $124.2 million in FY25. South African exports to Bangladesh stood at $176 million in FY25.
Total official economic engagement between the two countries surpassed $800 million in FY25, including trade and remittance flows.
Remittances hit record levels
Remittances from expatriate Bangladeshis in South Africa have surged. In FY25, they sent home over $402.9 million. During July-January FY26 alone, remittances reached nearly $395.4 million, setting a new record.
Officials estimate that up to 30% of remittances flow through informal channels. Roughly 4,00,000–5,00,000 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.