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Bangladesh’s exports to Latin America have grown by more than 29 per cent over the past four fiscal years, reflecting the country’s efforts to diversify beyond traditional Western markets.

According to Export Promotion Bureau (EPB) data, merchandise exports to the region increased to $475.04 million in FY26 from $367.82 million in FY23, driven largely by rising shipments of ready-made garments (RMG).

After dipping to $362.02 million in FY24, exports recovered to $442.06 million in FY25 before reaching a record level in FY26.

Analysts said growing demand from Brazil and Chile has helped Bangladesh strengthen its presence in the South American market at a time when exporters are seeking to reduce dependence on conventional destinations.

Brazil remained the largest market for Bangladeshi goods in the region. Exports to the country rose steadily from $109.2 million in FY23 to $147.58 million in FY24, $187.34 million in FY25 and $214.69 million in FY26.

Chile also emerged as a key destination, importing Bangladeshi goods worth $169.64 million in FY26 under a long-standing zero-duty arrangement for developing countries. Major exports included knitted T-shirts, men’s suits and women’s apparel.

Exports to Uruguay reached $39.28 million in FY26, led by knitwear, sweaters and woven garments, while shipments to Argentina stood at $34.93 million, supported by growing demand for knit sweaters, activewear and raw jute products.

Business leaders said Bangladesh’s exports to South America could increase significantly if the MERCOSUR trade bloc removed tariffs on imports from Bangladesh.

Bangladeshi products currently face tariffs of up to 35 per cent under MERCOSUR’s Common External Tariff, making products such as garments less competitive in the region.

Major Bangladeshi exports to Latin America include ready-made garments, jute and jute products, leather and leather goods.

Trade experts said the strong growth demonstrates Bangladesh’s success in expanding into non-traditional markets but warned that high tariffs remain a major obstacle.

They urged the government to begin negotiations for a Free Trade Agreement (FTA) with MERCOSUR to secure preferential market access and maintain export competitiveness after Bangladesh graduates from least-developed country (LDC) status.