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Bangladesh Has Risen To Become One Of India’s Top Five Export Markets
by Exim Trade Data Global Import Export Trade DataAccording to Bangladesh Import-Export Data Year Wise, India's exports to Bangladesh increased 46 percent year on year to $3.16 billion in January-March, placing it fourth after the United States ($15.41 billion), China ($5.92 billion), and the United Arab Emirates ($5.34 billion).
Because of New Delhi's diplomatic efforts, logistical ease, and robust demand for Indian farm produce, Bangladesh has surpassed Hong Kong to become India's fourth-largest export market in the first three months of the current calendar year and has risen four notches to fare in the country's top five export destinations in 2020-21.
As per the recent market analysis reports and Bangladesh Export Data from the commerce ministry, India's exports to Bangladesh increased 46 percent on an annualized basis to $3.16 billion in January-March, putting it in fourth place behind the United States ($15.41 billion), China ($5.92 billion), and the United Arab Emirates ($5.34 billion). India's goods exports to Bangladesh, which increased 35.14 percent year on year to $0.95 billion in January and 17 percent to $0.94 billion in February, increased 93.45 percent annually to $1.26 billion in March.
Bangladesh Imports for 2020
Bangladesh Top Imports | Value in USD ($) | Share in % | Year Reference |
Machinery including computers | $4.8 Billion | 10.3% | 2020 |
Cotton | $4.9 Billion | 10.5% | 2020 |
Electrical machinery and equipment | $3.3 Billion | 7.1% | 2020 |
Steel and Iron | $2.4 Billion | 5.2% | 2020 |
Cereals | $1.7 Billion | 3.7% | 2020 |
Plastics and articles of plastics | $2 Billion | 4.4% | 2020 |
Man-made staple fibers | $1.33 Billion | 2.9% | 2020 |
Animal/vegetable oil, fat, and waxes | $1.3 Billion | 2.9% | 2020 |
Knit or crochet fabric | $1.34 Billion | 2.9% | 2020 |
Mineral fuels and oils | $3.6 Billion | 7.9% | 2020 |
As per Bangladesh import data 2020, Bangladesh's top ten imports account for about three-fifths (57.7%) of the country's total product purchases from foreign nations.
For the main product categories listed above, there were two advancements from 2019 to 2020. Animal or vegetable fats, oils, and waxes imported into Bangladesh increased in price by 3.4 percent. Imported cereals increased by 2.2 percent year over year, owing to increasing maize purchase expenses.
Bangladesh Export Data suggest that Bangladesh was ranked fifth on India's list of top export destinations for FY-21, up from the ninth place in 2019-20, with an annualized rise of 10.83 percent to $9.09 billion. The United States ($51.63 billion), China ($21.2 billion), the United Arab Emirates ($16.68 billion), and Hong Kong ($10.15 billion) are the top four export destinations in 2020-21.
Bangladesh is one of India's biggest agricultural export markets. According to a government official who spoke on the condition of anonymity, India's agricultural exports to Bangladesh grew 95.93 percent in 2020-21, trailing only Indonesia (102.42 percent).
Petroleum goods and agricultural goods such as rice (other than basmati) would be key contributors to increased exports in 2020For21, according to India Exim Bank's chief general manager - research and analysis, David Senate. Exports also increased as a result of Bangladesh slashing its rice import tariff from 62.5 percent to 25 percent. He stated that transporting products by rail rather than by road has facilitated commerce by lowering transportation expenses.
According to those aware of the situation, India's concentration on keeping critical rail and river connections accessible throughout the pandemic's interruptions in the neighborhood aided commerce with Bangladesh. Land customs posts and other border facilities have also been rebuilt, and the two sides have improved their coordination."
A concerted effort has been made to ensure that strong trade and economic ties underpin the bilateral relationship. Because of the trust in the relationship over the last decade, there has been a stronger focus on connecting and reducing trade procedures at the border," said one of the persons mentioned above.
"At the same time, the Bangladeshi side has realized that some commodities can be obtained relatively cheaply and of equal quality from India," the source said, adding that Dhaka has also profited from reductions under the South Asian Free Trade Area (SAFTA).
"The primary cause for the increase in exports to Bangladesh is a large increase in wheat exports," said Mohit Singla, founder chairman of the Trade Promotion Council of India (TPCI), adding that freight costs are typically a decisive factor in global purchases. Food import costs would reach new highs this year, according to the Food and Agriculture Organization (FAO), he said. He noted that the global food import bill, including transportation expenses, is expected to hit $1.715 trillion this year.
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Created on Mar 11th 2022 01:04. Viewed 176 times.
