Bangladesh and India have been a close trading relationship for a long time. With Bangladesh’s unprecedented transformation in the past decade, the country has become the economic miracle of South Asia and may well surpass India in terms of per capita income. Learn export import online to know what you can export or import to Bangladesh. The Bangladeshi economy is largely driven by garment exports, which account for over 80 percent of its total exports. Remittances from overseas represent over 6 percent of GDP.
Bangladesh Export-
In the first four months of the fiscal year 2021-22, Bangladesh’s exports to India increased by 65% to $700 million.
It was the first time that Bangladesh exports to India crossed the $1 billion mark in FY21, reaching $1.28 billion.
If that rate of growth continues, the country will earn more than $2 billion in exports for the first time this year from the largest economy in South Asia.
- India is a major consumer of Bangladeshi goods. Bangladeshi exporters are actively selling many new products to India, including garments and food products. Exports of jute and leather are also the most popular.
The fact that Bangladesh has a land border with India encourages Indian importers to buy products from there to reduce the cost of shipping. As a result, Bangladeshi exports to India are on the rise. Export import training can help you in starting your business.
India Imports from Bangladesh-
Imports from Bangladesh to India are at their highest in September 2021 with a value of $230.87 million, and at their lowest in the month of May with a value of $63.56 billion.
Articles of Apparel and Clothing Accessories, NOT Knitted or Crocheted.
Animal or Vegetable Fats and Oils, etc.
Articles of Apparel and Clothing Accessories, Knitted or Crocheted.
Other Made-up Textile Articles, Rags, etc.
Other Vegetable Textile Fibres, Paper Yarn, etc.
Inorganic chemical
Articles of leather, travel goods
With an import value of $257.44 million, apparel and clothing rank as India’s top imported commodity, followed by animal or vegetable fats and oils at $173.06 million, knitted and crocheted apparels and clothing at $160.91 million, and many more.
India Exports to Bangladesh-
India supplies Bangladesh with the majority of its commodities, such as cereals, cotton, articles of iron & steel, mineral fuel, electronic equipment, edible vegetables, coffee, tea, etc. With the economic boom of the eastern neighbour continuing to fuel India’s export growth, Bangladesh is expected to become India’s fourth largest export destination in FY22, jumping five places in two years.
Conclusion-
If Bangladesh continues to increase its exports to countries worldwide with its high-quality commodities, it will definitely receive a surge in trade. A joint study has been undertaken by India and Bangladesh to examine the prospects for a bilateral comprehensive economic partnership agreement (CEPA). Join our import export consultancy service and start your international trade with expert guidance. Or join our live free webinar to become a part of Digital Exim. Click the link listed below. https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do give us a visit!
