Slump in the apparel industry

Ilish, also known as hilsa fish, is a significant global commodity with presence in 11 countries, including Bangladesh, India, Myanmar, Pakistan, Malaysia, and Thailand. Bangladesh dominates the market, contributing to 75% of the world's hilsha production. The unique flavor of Bangladeshi hilsha distinguishes it from others.

Bangladesh recently exported 173 tonnes of Hilsa fish to India in a span of three days leading up to Monday, via the Benapole port. This export is part of a government-approved quota of 3,950 tonnes of Hilsa to India for 2023. The move has brought joy to residents of Kolkata who can enjoy Padma's Hilsa before the Durga Puja festival.

Bangladesh marked a significant export milestone by sending its first consignment of hilsa fish to India through the Benapole port. This inaugural shipment weighed in at a substantial 45.8 tonnes, with each kilogram of hilsa fetching a price of $10. After completing the necessary customs and port formalities, the hilsa consignment was transported to the Petrapole port in India using 12 trucks.

The government has granted export approval to 79 traders to ship a combined total of 3,950 metric tonnes of hilsa fish to India. This permission will remain valid until October 30. Each trading firm has been authorized to export 50 metric tonnes of this popular fish, as stated in a recent notice issued by the commerce ministry.

Bangladesh has the potential to significantly boost its annual exports to the European Union (EU) from $8 billion to $22 billion by diversifying its export portfolio. A study conducted by Research and Policy Integration for Development (RAPID) revealed this potential.

In the first two months of fiscal year 2023-24, Bangladesh's paper and paper product exports saw a remarkable 85% increase, resulting in $39.79 million revenue. The closure of paper mills in major supplying countries like China, India, and Japan due to environmental concerns has benefited Bangladesh.