Exporting Bangladeshi products to Indian market is increasing. Exporters of Bangladesh exported goods of more than US$ 100 Crore to India in the first 10 months (July-April) of the current fiscal year 2018-19. Narendra Modi's India has reached ninth place among the top 10 exporters of Bangladeshi products.
According to
the Export Promotion Bureau (EPB), Bangladesh has exported products of 107 Crore
US dollars in the first 10 months of the current financial year, which is 53
percent more than the previous year's assessment period. Before the end of the
current fiscal year, the export earnings were 22.87 percent more than the previous
financial year.
The EPB data
review shows that in the last fiscal year exports to India started to grow. In
the last fiscal year, total export of goods worth US$ 87.33 Crore to India. The
export growth was more than 29 percent. Currently India has the ninth position
in the country's exports from Bangladesh after US, Germany, United Kingdom,
Spain, France, Italy, Japan and Canada.
Of course not
only exports, import from India is also increasing. In the last financial year,
FY 2017-18, the imports from India amounted to US$ 862 Crore, which is 40
percent more than the previous year. As a result, Bangladesh's trade deficit
with India stands at $ 775 Crore, which is 42 percent more than the previous
year.
An analysis
of EPB data shows that export of ready-made garments, soybean oil and processed
food helped to export more than one billion dollars in India. Export of
garments is jumping on the last fiscal year. Export of soybean oil increased by
$ 9 Crore in previous 10 months. Export of plastic products, steel and leather
products is also increasing. However, the export of jute and jute yarn, fish
etc are down.
From 2011,
India gave duty-free access to all products except weapons and drugs from
Bangladesh. Although Bangladesh could not utilize it as much, Indian company Lilliput
did not paid payments to several garments factories of Bangladesh in 2011. For
that, many years clothing exports fell down. But in the last few years, in many
cities in India, famous International clothing brand has open many retail
outlets that causing increase of garments products export.
Bangladeshi
entrepreneurs exported RMG products of $ 12.97 Crore in the fiscal year
2016-17. Export of clothing for the next fiscal year of that increased by 115
percent to $ 27.86 Crore. During the first 9 months (July-March) of the current
fiscal year, exports of garments cloth worth $ 40.11 Crore. Although the fiscal
year does not end, the export is 43.96 percent. Oven garments are exported more
than net garments in the Indian market.
Bangladesh's
export earnings from this country exceeded US$ 1 billion for the first time and
India is now the ninth best country to export Bangladeshi products. BGMEA president
Rubana Haque said, "We export garments in India for a long time. But due
to some non-tariff barriers, garment export was not rising at such rate. But
the export of garments for two fiscal years has increased. This is definitely a
good sign.”
India is a
big market where are more than 1.3 billion people. There are enough
opportunities to increase our exports to this big market. Therefore, we should
focus more to export more to the Indian market. We will be deprived of many opportunities
in the European market as Bangladesh is rising from Least Developing country (LDCs)
to a developing country. So we have to increase business with SAARC countries.
If there is a bilateral agreement with SAARC countries, the export will increase
faster.
Former BKMEA's
vice-president Mohammad Hatem said that many foreign brands opening sales
centers in India. Bangladeshi entrepreneurs have been doing business for a long
time with most of them. Apart from those, Indian entrepreneurs who produce
clothes and supply in Bangladesh, many of them are making garments products from
Bangladesh, especially shirts. Export is increasing in India due to these.
Meanwhile,
soybean oil has been exported in good amount till March this year. According to
the EPB, the export of soybean oil worth $ 13.84 Crore exported. However, the
companies said that the export of soybean oil is now stopped. The government of
India has given condition of 30 percent VAT for duty-free oil export. The
Bangladeshi exporters are demanding the value addition of soybean oil, but the
government of India has not yet taken it into practice.
Soybean oil market in India is very big. Our
domestic companies were doing well in export there. But now the export is off
due to duty-free tariff. Everyone is expecting that the problem will solve
soon.
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