Bangladesh may become India’s fourth largest export destination in fiscal 2021-22 (FY22) behind the United States, the United Arab Emirates and China, jumping five places in two years. According to data from India available till October, during the first seven months of this fiscal, exports to Bangladesh grew by 81 per cent to $7.7 billion over the same period in the preceding year.
Bangladesh’s growth is primarily as an exporter of garments, which account for around 80 per cent of its exports. Remittances from overseas amount to over 6 per cent of its gross domestic product (GDP).
The major items exported to Bangladesh by India during the April-October 2021 period include cotton ($2.1 billion), cereals ($1.3 billion), electricity and fuel ($0.6 billion), vehicle parts ($0.5 billion) and machinery and mechanical appliances ($0.4 billion), according to a report in a top Indian business daily.
Bangladesh may become India's fourth largest export destination in fiscal 2021-22 behind the US, UAE and China, jumping five places in two years. According to data from India available till October, during the first seven months of this fiscal, exports to Bangladesh grew by 81 per cent to $7.7 billion over the same period in the preceding year.#
India and Bangladesh are currently undertaking a joint study on the prospects of entering into a bilateral Comprehensive Economic Partnership Agreement (CEPA).
Fibre2Fashion News Desk (DS)
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