Focus on export diversification to reduce trade deficit with Hong Kong

Commerce Minister Khandaker Abdul Muktadir has emphasised diversifying exports of high-value goods, including fresh fruits, jute and leather products, while reducing dependence on readymade garments to narrow Bangladesh's trade deficit with Hong Kong.

He discussed the matter at a meeting with Sophia Chong, Executive Director of the Hong Kong Trade Development Council (HKTDC), on the sidelines of the Belt and Road Initiative (BRI) Summit at the Hong Kong Convention and Exhibition Centre on Thursday, September 10. Mohammad Kamal Hossain, Public Relations Officer of the Ministry of Commerce, confirmed the information.

At the meeting, the Commerce Minister said total bilateral trade between Bangladesh and Hong Kong in the 2024-25 fiscal year stood at $415 million. Of this, Bangladesh imported goods worth $307 million from Hong Kong, while exporting goods worth $108 million. In the 2025-26 fiscal year, Bangladesh's exports rose to $109.51 million.

He highlighted the need to further increase direct access of Bangladeshi products to the Hong Kong market to reduce the trade deficit. To this end, a proposal was made to organise B2B matchmaking among businesses to bring Bangladesh's premium fruits, including mangoes, jackfruit and lychees, to Hong Kong supermarkets and major importers.

Discussions were also held on the potential for expanding the market for Bangladesh's eco-friendly and biodegradable jute products in Hong Kong's green retail and design sectors. The Commerce Minister also proposed subsidised or free stalls for SMEs at international fairs, the introduction of electronic certificates of origin, modernisation of customs procedures, and improvement of joint shipping and logistics arrangements.

Khandaker Abdul Muktadir expressed interest in signing a memorandum of understanding on bilateral trade and investment with Hong Kong to address post-LDC graduation challenges. He said Bangladesh wants to build new trade and investment partnerships by using Hong Kong as a gateway to southern China and the Greater Bay Area.

Welcoming Bangladesh's proposals, Sophia Chong emphasised increasing direct communication and experience-sharing between businesses of the two countries. She noted that there are opportunities to expand cooperation in readymade garments, textiles, leather goods and the information technology sector.

At the end of the meeting, the Commerce Minister invited a high-level business delegation from HKTDC to visit Bangladesh.