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Exports grow on back of rising Indian rupee

06
Jul '07
Experts anticipate that appreciation of rupee against dollar would force India's garment export to reduce, helping Bangladesh supersede the country's export by December 2007.

Bangaldesh garment exports have incessantly grown by 20-30 percent, chiefly due to cheap manufacturing cost and overseas benefits along with the mostly stable currency value. This eventually strengthened country's global recognition, proving it as a tough competitor for India.

Amazingly, the Country exports 90 percent of the garments that is primarily produced by imported raw materials from China. In contrast, India has ample of basic products and does not rely on imports.

Further, Bangladesh is relieved of import duties in European markets and in Canada, while Indian traders need to pay 11 and 18 percent, respectively. However importing from Bangladesh would give India concession of 50 percent on duties.

Apparel exports swelled by 20 percent in 2005 in lieu of the removal of Quota System, though the growth in 2006 declined by 8 percent.


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