Thaindian News

Dhaka, April 14 (IANS) The annual trade turnover between Bangladesh and the US, likely to exceed $6 billion this year, may prompt some major US brands to expand their business in the fast growing market of consumer products.

US giants like Proctor & Gamble and Johnson & Johnson have already recorded encouraging surge in sales of their products in Bangladesh, sources in business circle told New Age newspaper.

“Trade turnover between Bangladesh and the US is expected to surpass $6 billion by the end of the current fiscal year till June,” said an official of the Federation of Bangladesh Chamber of Commerce and Industry.

The Export Promotion Bureau Officials said Bangladesh’s export earnings from the US in nine months to March of the current fiscal year recorded $3.76 billion. In 12 months of the last fiscal year, exports to the US amounted $3.95 billion.

Aftab Ul Islam, president of the American Chamber of Commerce (AmCham), has a similar estimate as he scans more than 30 percent growth in bilateral trade. Interestingly, the US exports to Bangladesh are growing at a faster rate.

Bangladesh imported huge quantities of cotton, wheat, soya bean, power engines and diversified products from the US.

“Recent growth in exports from US and sales of US products in Bangladesh is very exciting,” said Aftab.

The AmCham president also informed the New Age newspaper that some big US companies, other than oil and gas sector players, have set their sight on the Bangladesh market and they are seriously considering investments in Bangladesh.

The FMCG market watchers say good performance of Unilever, having around $500 million dollar annual turnover in Bangladesh, might have opened the eyes of $80 billion plus P&G; and $60 billion plus Johnson & Johnson on Bangladesh’s fast growing market of middle-class consumers.