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29 March 2024


Business Insider Bangladesh

Apparel export to India grows by 61 percent in ten months

Jannatul Ferdushy || BusinessInsider

Published: 18:47, 20 May 2022   Update: 19:48, 20 May 2022
Apparel export to India grows by 61 percent in ten months

Graphics: Business Insider Bangladesh

India, Bangladesh’s peer in the export trade of apparels, now stands as the fourth highest garment importing country.

Bangladesh’s exports to India grew by 61 percent in the ten months of the current fiscal year.

According to Export Promotion Bureau (EPB), exports to India grew by 60.64 percent during July-April period of this fiscal as against the overall export growth of 25.53 percent, in the non-traditional markets.

Bangladesh witnessed 34 percent growth in Europe, the biggest market for Bangladesh’s apparels. In other markets, such as the USA, Canada and UK apparel shipment grew by 55 percent, 33 percent and 30 percent, respectively.

In July-April Bangladesh shipped apparels to India worth $591.41 million as against $ 368.16 million fetched during the same period of the last fiscal year.

India positioned itself as the 4th highest importing country of Bangladesh’s apparel in the non-traditional market. Here, Russia is the 3rd highest garment importer with a figure of $538.34 million, Australia 2nd with $691 million and Japan tops the list with $939 million worth of garments import during these 10 months.

“As we can send the products to India through land borders by truck-loads, the high freight cost is avoided. On the other hand, Indian importers enjoy duty free facilities while importing from Bangladesh,” Shahidullah Azim, Vice President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told the Business Insider Bangladesh.

factors are also playing a role in increasing Indo-Bangladesh trade.

“The reality is, gradually trading with the neighbours and within a region will be popular as the world has been experiencing adverse situations like lockdown and war. These are affecting the global supply chain. As Bangladesh is the nearest market to India, that country is importing more from Bangladesh,” Abdullah Hil Rakib, Director of BGMEA said.

The readymade garment sub-sector is fetching the majority portion of the export revenue for the country. In March, it fetched $3.93 billion from the global markets.

During ten months of the current fiscal year, Bangladesh fetched $35.36 billion from the international market exporting trousers, denim, T-shirt, sweaters, blouse, skirts, underwear etc.

Nagad
Monetary Policy Stance
Budget 2020-21
Walton