By Imtiaz Ahmed and Samia Tabassum:As the traditional export markets like USA, EU and Canada are being saturated, Bangladesh has been looking at penetrating potential and prospective Latin American markets, said LABCCI president Md. Anwar Shawkat Afser.Md Anwar Shawkat Afser, managing director of Sakhi Lines (Sakhi Group), said that though Bangladesh’s total export to Latin American markets has been below the potentials until recently, products like ready-made garments (RMG), pharmaceuticals, jute products, and leather goods will penetrate in that regions in the coming days.In recent years, bilateral trade between Bangladesh and Latin American nations has been steadily increasing.As  the Russia-Ukraine war began in 2022 putting at the risk of availability of Russian grains , Bangladesh looked at marker of Latin America to source consumer goods. Against this backdrop, Brazil and Argentia are increasing their products like sugar, soybean, wheat and grain to Bangladesh….Afser is a social activist and was the former district governor of Lions Clubs International District 315-B4, Bangladesh (2005-06); former council chairperson of Lions Clubs International, Multiple District 315, Bangladesh (2006-07), vice-president of Bangladesh Human Rights Commission (ChittagongMeanwhile, in March, 2022, Latin America-Bangladesh Chamber of Commerce & Industry (LABCCI) signed a Memorandum of Understanding (MoU) with then Bangladesh Investment Development Authority (BIDA) at its office at Agargaon in the capital………Bangladesh’s multilateral engagement, particularly in economic sector with Brazil, the largest economy of Latin America and an important member of BRICS (Brazil, Russia, India, China and south Africa) has increased as both Dhaka and Brasilia are exploring every avenue to reach the relations between two countries to a new height in new perspective,  Md. Anwar Shawkat Afser  said.Bangladesh exported goods worth 187 million US dollars to Brazil in 2024-25 fiscal year as against 147 million in 2023-24 posting 26 per cent growth over the previous fiscal year, according to the data of the Export Promotion Bureau (EPB). Bangladesh exported 16 million (15820218.43 US dollars) in the month of July in 2025-26 fiscal year, according to EPB.Bangladesh exported goods worth 175 million US dollars to Brazil during July-June period of the 2022-23 fiscal year.In the 2021-22 fiscal year, Bangladesh exported goods valued at $109.20 million to Brazil. The main products that Bangladesh exported to Brazil were Jerseys, pullovers, cardigans, waistcoats and similar articles; knitted or crocheted, shirts; men's or boys' (not knitted or crocheted), and suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (other than swimwear); men's or boys' (not knitted or crocheted). During the 1995-2020 period, exports of Bangladesh to Brazil have increased at an annualized rate of 9.08 per cent, from $15.1 million in 1995 to $132 million in 2020.In the 2021-22 fiscal year, Brazil exported goods valued $2,245.1 million US dollars to Bangladesh. The main products that Brazil exported to Bangladesh were cane or beet sugar and chemically pure sucrose, in solid form, cotton; not carded or combed, and soybeans, whether or not broken.……..As the fourth supplier in order of rank, Brazil sold goods worth USD 2661.8 million (4.2%) during 2023-2024 compared to USD 2592.5 million (3.8%) during the previous year, according to Bangladesh Bank data.The Bangladesh Bank data show that Brazil export to Bangladesh showing an upward trend during 2024-25 fiscal year.Brazil exported goods worth 556.6 million US dollars to Bangladesh during January-March period of 2024 calendar year that rose to 757.9 million US dollars during January—March period of calendar 2025. Brazil exported goods worth 682.5 million US dollars to Bangladesh during 2024, according to the data of the Bangladesh Bank.Brazil was the fifth largest import source of Bangladesh in 2022-23 fiscal year with import recorded at 2592.5 million US dollars (3.80 per cent of total import).  The total import of Bangladesh recorded at 68459.9 million US dollars, according to the data of Bangladesh Bank.Brazil was the eighth largest import source of Bangladesh in 2021-22 fiscal year with import recorded at 2245.1 million (3.00 per cent of total import).  The total import of Bangladesh recorded at 75,604.4 million US dollars, according to the data of Bangladesh Bank.In 2023, Brazil's textile and clothing imports were valued at approximately $5.8 billion, with China being the largest supplier at over $3.4 billion. India and Paraguay were the second and third largest suppliers, with imports of around $270 million and $230 million, respectively.Brazil's textile and clothing industry had a negative trade balance of $5.6 billion in 2023.Brazil, the largest economy in South America, will leave no stone unturned to increase trade relations with Bangladesh as the latter has become a new economic giant in the South Asian region, said the then Brazil Ambassador to Bangladesh Paulo Fernandos Dias Feres.Over the years, the government of Bangladesh has been working on increasing economic engagement with major Latin American countries, particularly with Brazil, said a Bangladesh diplomat while talking to this correspondent.In recent developments, the USA imposes high tariff rates on goods of different counties launching a trade war with rest trading partners. Though initially the USA imposes 35 per cent tariff on Bangladeshi goods, later Dhaka successfully negotiated with Washington to fix the rate at around 20 per cent.Meanwhile, the International Monetary Fund (IMF) projected 2.2 percent growth for the Brazilian economy in 2026 in its World Economic Outlook report, released on Monday (Oct. 12)In the previous version of the study, published in July, GDP growth was estimated at 2.4 percent. For 2027, the growth forecast was revised downward from 2.2 percent to 1.9 percent.Despite the downward revision for 2026, the IMF’s projection remains higher than the Brazilian government’s own forecast. The September bulletin from the Secretariat of Economic Policy of the Ministry of Finance lowered its GDP growth estimate from 2.3 percent to 2.0 percent.According to the Focus Bulletin - a survey conducted by the Brazilian Central Bank among financial market institutions - the forecast is for GDP growth of 1.85 percent in 2026 and 1.40 percent in 2027.The IMF is a multilateral institution linked to the United Nations whose missions include maintaining the stability of the global financial system.Brazil’s GDP growth forecast is one of the topics covered in the global report, which also points to slower growth in Latin America and an upward revision to the global growth forecast………Brazil's nominal Gross Domestic Product (GDP) is projected at $2.65 trillion (USD), the 10th largest economy of the world,  in 2026, according to estimates of  the International Monetary FundAs Bangladesh has become an emerging economy in the region and has maintained a steady economic growth over 20-25 years, Brazil’s President Luiz Inácio Lula da Silva has decided to expand multilateral engagements especially in the trade and investment with the South Asian country, diplomatic sources.According to sources in Dhaka and Brasilia, some 7,000-8,000 expat Bangladeshis are living in Brazil. However, the number of expat Bangladeshis is rapidly increasing in recent times.A Bangladesh diplomat who has worked in the Bangladesh mission in Brasilia said that Bangladeshis living in Brazil don’t necessarily get registered with the mission of Bangladesh. President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser  while talking to this correspondent recently said that Bangladesh should penetrate deeply into the Latin American market, especially in Brazil as the latter is becoming an emerging economy in Latin America. “The competitiveness and strength of our textile and clothing industries have increased over the last 40 years since the journey began in the late 70s. Brazil  is an important economy in Latin America. Our exporters have the capacity to tap that market” said  Shahidullah Azim, former Vice president of Bangladesh Garments Manufacturers an Exporters Association (BGMEA) He said an increased export of readymade garments to the Brazilian market will help reduce the widening trade gap with the Latin American market. Shahidullah Azim, Managing Director of Classic Fashion Concept Ltd, a leading readymade garment exporter, said Bangladesh should start talks on signing FTA with major importing countries to maintain present export growth. Brazil's economy is the seventh largest in the world, and accounts for more than 40% of Latin America's economy. The country is also the seventh largest consumer market in the world A top official of the commerce ministry while talking to this correspondent said that Bangladesh will explore pros and cons of exporting goods to Brazil market. Brazil is the fourth largest cotton producer and second top exporter while Bangladesh is the second largest cotton importer in the world. President of Latin America Chamber of Commerce and Industry Md. Anwar Shawkat Afser  while talking to the daily said Brazil is looking at expanding consumer market in Bangladesh with a total population of 180 million Bangladesh and Brazil have increased their engagement in multilateral sectors as the bilateral trade between the two countries marked a higher growth in recent times, he said. Brazil can import more products including jute and jute goods and leather items from Bangladesh to ensure the trade balance between the two countries, he continued. Meanwhile, Bangladesh is seeking to tap into the untapped readymade garments (RMG) market in Brazil to reduce the widening trade gap between the two countries, Sources said in Dhaka and Brasilia. Bangladesh and Brazil have increased their engagement in multilateral sectors, especially in trade and investment, as bilateral trade between the two countries has shown higher growth in recent times, Md. Anwar Shawkat Afser said. Asif Ibrahim, former DCCI president and Managing Director of New Age while talking to this correspondent said Latin American markers like Brazil, Argentina and Uruguay remain untapped though Bangladesh is the second largest exporter of clothing in the global market. Asif Ibrahim some Bangladeshi garment products are being exported to Brazil through some top global markets. Bangladesh hardly directly exports readymade garments (RMG) to Brazil markets. He said that collective efforts of BGMEA, Export Promotion Bureau (EPB), Bangladesh missions in Latin America and Latin American missions in Dhaka can play a key role into penetrating into Latin American markets..Meanwhuile, Bangladesh should explore business potentials with Argentina to the maximum level as the South Asian country should leave no stone unturned to increase export to the Latin American country, said business leaders, policy makers and diplomats. Though Argentina’s export to Bangladesh stands at some 800 million US dollars, Bangladesh’s exports to the Latin America stood at only 15440006.78 US dollars (15 million US dollars) during July-June 2022-23 fiscal year. Bangladesh’s exports  to Argentina stood at  5580742.6  US dollars during the July-October period of the 2023-24 fiscal year..Business leaders of Bangladesh should work hard to increase trade with the Latin American country, particularly to boost readymade garments to the Latin American country, said Md. Anwar Shawkat Afser, president  of the Latin America Chamber of Commerce and Industry (FBCCI) while talking to this correspondentAccording to available information Bangladesh, Pakistan, India and China are primary exporters of readymade garments to Argentina with Bangladesh’s share is not significant.     President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new market to Argentina as the government give special incentives on export to non- traditional markets.He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.    Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters (BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile,  Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.President of Bangladesh Chamber of Industries (BCI) and Charmin & Managing Director of Evince Group Anwar-ul Alam Chowdhury Parvez while talking to this correspondent said that Bangladesh should explore new market to Argentina as the government give special incentives on export to non- traditional markets.He said that Bangladesh should hold talks with Argentine counterparts to explore new  business opportunities.Anwar-ul Alam Chowdhury Parvez, also a former President of the Bangladesh Garment   Manufacturers  and Exporters Association ((BGMEA), said business leaders should have regular contacts with stakeholders concerned in Dhaka and Buenos Aires to tap existing potentials. Meanwhile, Argentina has agreed to prioritise Bangladesh's imports of soybeans and wheat from that country.At present, Bangladeshi government  has opened mission in Argentina.Argentina opened its embassy in Dhaka on 27,  February, 2023 to improve and develop relations between the two countries….Meanwhile, Bangladesh is giving importance to FTAs and PTAs to maintain export momentum after transitioning from Least Developed Country (LDC) status, Latin America Chamber of Commerce and Industry President  said.He found that there is a chance of exporting Bangladeshi goods, such as garments, jute and leather products, generic drugs, pharmaceutical products, ceramic and plastic, home textiles, agricultural and processed agricultural products, shrimp, frozen food, bicycles, refrigerators, air conditioners, light engineering products, to these countries.