Russian envoy predicts $1.0b bilateral trade by year-end

FE Report | Published: August 28, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

Bilateral trade between Bangladesh and Russia is set to reach US$1.0 billon by the end of the year, a senior Russian diplomat in Dhaka said Wednesday.
"Bangladesh has the potential to increase its export to Russia as the volume of trade between the two countries has crossed US $ 807 million during the middle of the year. It will reach $ 1.0 billion by the end of the year," Alexander Nikolaev, Ambassador of the Russian Federation in Bangladesh told the media after meeting with the commerce minister Tofail Ahmed at his secretariat office on the day.
"Not only readymade garment (RMG) items… your products like potato, jute and leather goods etc are also welcome to Russian market," he said.
He said there is a huge demand for Bangladeshi potato in Russia and his country proposed to import it. In this regard he proposed the government to set up a cold storage in Chittagong to facilitate smooth shipment of potato to Russia.
Regarding the customs union's (Russia, Belarus and Kazakhstan) formalities the envoy said he invited Bangladesh commerce minister to visit Moscow to discuss the matter aiming to gear up the country's export there.
Recalling the help by the then Soviet Union including the Russian Federation during the country's War of Liberation, the commerce minister said, " We are always grateful to Russia… they helped us a lot during our war of independence".
He said the sixth five- year plan of the government emphasises on increasing export and the Russian Federation could be big an export destination for the country.
Regarding rice export to Sri Lanka the commerce minister said, "We are discussing the matter with the ministries concerned. We will take decision after ensuring our food security".
The main export items from Bangladesh to Russia include shrimps, jute yarn and twine, tea, leather, raw jute, home textiles, terry towel and ceramic tableware etc. The items Bangladesh imports from Russia are: fertiliser, cotton, iron, vehicles, straw and fodder etc.
Bangladesh exported goods worth $ 283.35 million to Russia while imported goods to the tune of $ 286.40 million during the fiscal year (FY) 2013-14. The country exported products worth $ 208.29 million and imported goods to the tune of $ 335.30 million during the FY 2012-13. The balance of trade is tilting in favour of Russia.