Of late, India has emerged as one of the most promising non-traditional markets for ‘Made in Bangladesh’ products, especially apparel items, even if recent reports maintain Bangladesh’s exports to India have hit a new record after its earnings from exports to India increased rapidly to touch the US $ 1.36 billion mark during July-February of the current fiscal, up 58 per cent from that in the same period of previous fiscal amidst expectations if the present trend continues, exports to India will surpass US $ 2 billion for the first time by the end of the current financial year.
According to people in know of things, the current trend of increasing exports to India is due to a host of reasons including low production cost in Bangladesh, geographical proximity, and Bangladesh’s ability to producing quality products.
Reports citing Indian Ministry of Commerce further added in 2021, Bangladesh has overtaken China to become the biggest exporter of garments to India even if an analysis of the latest data from Bangladesh’s Export Promotion Bureau (EPB), reportedly, showed India, as a single country, is now the sixth largest export market for Bangladesh while in the last financial year also, India did not even find a place in the list of top 10 export markets of Bangladesh.
