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Bangladesh Briefings 2021: Bangladesh export receipts slump to five-year low in 2020

05 Jan 2021

According to data from the country’s Export Promotion Bureau, Bangladesh’s exports slumped 14.6% YoY to USD 33.6 billion in 2020, hitting a five year low. December 2020 exports slumped 6.1% YoY to USD 3.3 billion, making Bangladesh the only country in South Asia to see exports decline during the month.

Garment exports – Bangladesh’s biggest export earner – dropped 17% YoY to USD 27.5 billion, while export receipts of leather and leather products – the second biggest  export earner – declined 20% YoY to USD 768 million in 2020. Exports of jute and jute goods soared 13.6% to USD 1 billion, pharmaceutical exports rose 10.8%to  USD 148.40 million and home textile exports rose 15.2% to USD 936 million. Agriculture product exports declined 5.7% to USD 863 million and frozen and live fish exports dropped about 6.5% to USD 445 million.

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Bangladesh Briefings: Bangladesh social commerce startup ShopUp raises USD 22.5 million Series A

19 Oct 2020

Bangladeshi B2B social commerce startup ShopUp has raised USD 22. 5 million Series A funding from Sequoia Capital India, and Flourish Ventures. VEON Ventures, Speedinvest, and Lonsdale Capital participated in the funding round which was reportedly largest Series A round in Bangladesh. 

Approximately 98% of Bangladesh’s retail sales are generated from the country’s approximately 4.5 million neighborhood mom-and-pop stores. ShopUp built a solution combining order management, logistics and other services with the aim of helping these small businesses expand and grow. These merchants were among the worst hit during the Covid pandemic, and ShopUp’s solution proved to be highly popular with the number of neighborhood shops transacting weekly on the ShopUp platform growing by 8.5 times between April and August 2020.