Bangladesh is the 16th largest economy in Asia and 45th in the world. It has a GDP of $302.6 billion. The largest industries of Bangladesh are:
Given the economic growth of Bangladesh, it is an attractive country for steel trade. Bangladesh's steel industry is diverse and includes steel for:
Nowadays shipbuilding is the major promising industry of Bangladesh. The industry produces an average of 250 vessels each year. It is a key consumer of steel. Common applications include ferries, cargo vessels, and multipurpose ships etc.
Steel has many applications in the infrastructure because of being inexpensive and its qualities of being long-lasting, strong but light, and corrosion resistant. Steel industry has contributed at large to Bangladesh’s infrastructure development. It is used for constructing bridges, airports, highway, metro rail, economic zone, and power plants etc.
The increasing urbanisation has led to an increase in the demand of housing and shelter. Real estate in Bangladesh is a crucial sector of the economy. It stimulates the demand for steel. In order to meet the increasing demand of housing steel is required in abundance.
Bangladesh is accessible by both land and sea. For international trading, the main seaports are:
For importing the goods, Camasteel uses the largest port, the port of Chittagong.
According to the latest trade data, Bangladesh imports around $94,000 in flat products, and semi-finished and finished products of steel. They include steel such as:
Import tariff is tax applied on all imported goods and services. Different rates of tax are applied to different products and services. When the products to be imported have been identified, details can be given to Bangladesh Tariff Commission who will advise on the applicable tariff and duty. An import licence is required along with LCA forms if the transaction is made through a bank.
1. Availability -The local steel industry has quite limited capacity and some customers require steel in an efficient manner. It is highly in demand by the shipbuilding industry. Due to the immense increase in the demand of steel, it is necessary for Bangladesh to import it in order to meet the needs of the country.
2. Steel Cost – Due to the fierce domestic competition and high costs of production, steel is more expensive to buy locally than it is in the world market. Bangladesh spent about $78 thousand on iron and steel in the previous years but due to increase in demand about $94 thousand was spent on the import of iron and steel.
3. Steel Quality – While a majority of international steel suppliers have good company reputations and quality, some small domestic producers can have diverse steel quality. Local steel suppliers do not have good reputations and are generally not trusted much due to the bad quality of their products. Therefore, in order to get high quality products that meet their high standards, internationally acclaimed suppliers are the best option.
Camasteel has been exporting steel to clients in Bangladesh. If you are looking to import steel in bulk and achieve cost-savings, then look no further because Camasteel provides superior quality products at reasonable costs. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation.
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