Bangladesh’s overall exports to India reached $1.99 billion in the last FY 22 marking a solid 55% year-on-year growth.<\/p>\n
The country shipped goods worth $1.27 billion to the neighbouring country in FY21, according to an Export Promotion Bureau (EPB) data.<\/p>\n
The FY22 export earnings surpassed the pre-pandemic level income which was $1.24 billion in FY19, EPB data also showed.<\/p>\n
However, the country’s trade cap with India continued to widen in the period.<\/p>\n
Imports from India increased considerably over the years triggering a huge trade gap between the two neighbours, mostly in favour of India.<\/p>\n
Bangladesh imported goods worth $8.59 billion in FY21, according to Bangladesh Bank data.<\/p>\n
Readymade garment or RMG is the major local product (about 35%) shipped to India followed by other products – raw hides, leather goods, jute goods, fish and crustaceans, inorganic and organic chemicals, sources said.<\/p>\n
Out of the $1.99 billion exports in FY22, RMG (both woven and knit) items fetched $715.41 million, 69% higher than the previous fiscal year’s earnings of $ 421.86 million, according to the EPB.<\/p>\n
Exporters, especially those shipping apparels, attributed the increase in exports to a growth in demand of these items among India’s rising middle-class people.<\/p>\n
They opined that India is among one of the potential\u00a0 Asian markets, not only for RMG but also for non-RMG products.<\/p>\n
Western retailers, having outlets in India, and Indian local brands also found sourcing their goods from Bangladesh competitive while RMG enjoys duty benefit, they mentioned.<\/p>\n
Local jute exporters, however, said their shipments to India are facing difficulties due to imposition of anti-dumping duty on jute goods by that country.<\/p>\n
Abdul Barik Khan, secretary general of the Bangladesh Jute Mills Association (BJMA), said that jute exports to India fell significantly due to the anti-dumping duty on jute goods.<\/p>\n
Sources, however, said that India may soon remove anti-dumping duty on Bangladeshi jute exports, hinting that the announcement may come during Prime Minister Sheikh Hasina’s visit to Delhi in the first week of next month.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bangladesh’s overall exports to India reached $1.99 billion in the last FY 22 marking a solid 55% year-on-year growth. The country shipped goods worth $1.27 billion to the neighbouring country in FY21, according to an Export Promotion Bureau (EPB) data. The FY22 export earnings surpassed the pre-pandemic level income which was $1.24 billion in FY19, […]<\/p>\n","protected":false},"author":1,"featured_media":1977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2],"tags":[],"class_list":["post-1976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured"],"_links":{"self":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1976"}],"version-history":[{"count":1,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1976\/revisions"}],"predecessor-version":[{"id":1978,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1976\/revisions\/1978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/media\/1977"}],"wp:attachment":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}