Bangladesh overtakes Hong Kong to be India’s 4th most significant export destination
Bangladesh is just about the fourth greatest destination for exports from India overtaking Hong Kong in the first 90 days of the ongoing twelve months, according to Indian Commerce Ministry data.
India's exports to Bangladesh rose 46 percent on an total annual basis at 3.16 billion USD through the January to March period, securing the fourth position after the US (15.41 billion USD), China (5.92 billion USD) and UAE (5.34 billion USD), reports our New Delhi correspondent quoting the info.
Indian merchandise exports to Bangladesh, which saw a 35.14 percent year-on-year growth to 0.95 billion USD in January and 17 percent to 0.94 billion USD in February, rose to 1 1.26 billion USD in March.
Federation of Indian Export Organizations (FIEO) Director General Ajay Sahai said two significant reasons for increased export to Bangladesh is a sharp rise in export of farm produce and seamless movement of goods from India to the country via rail and waterways compared to other export destinations in the US and Europe due to Covid-19 restrictions.
Major contributors to the upsurge in exports to Bangladesh in 2020-21 are petroleum products and agricultural commodities like rice (other than basmati), according to India Exim Bank's Chief General Manager (Research and Analysis) David Sinate.
Exports also jumped due to a sharp decrease in import duty on rice (from 62.5 percent to twenty five percent) by Bangladesh.
