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Trade between Bangladesh and India decreased by 31%

Economic Tag: Trade

Bangladesh’s bilateral trade with neighboring India has decreased. According to data from India’s Ministry of Commerce, the volume of trade between the two countries decreased by 31 percent in the Indian fiscal year 2022-23 (April 2022-March 2023) compared to the previous fiscal year. As per the data, the trade in goods between the two countries was 10 billion in the fiscal year 2020-21. more than a dollar At that time, the total import and export of goods between the two countries was 1 thousand 78 Crore 3.2 lakh dollars. In the next financial year (April 2021-March 2022) it stands at 1 thousand 813 Crore 43 lakh dollars. In the Indian financial year 2022-23, which ended last March, the value of bilateral trade was 1,250,370,000 dollars. As a result, the size of bilateral trade has decreased by a little more than 5.63 billion dollars in one financial year.

Cotton is the top import commodity from India to Bangladesh in terms of monetary value in the financial year 2022-23, according to statistics from the Commerce Department of India. In the previous fiscal year, cotton import was 4.5 billion dollars, but in 2022-23 fiscal year, it decreased by 59 percent to 1.8 billion dollars. The second top product is cereals. The import of products from India in Bangladesh has decreased by 44.27 percent. Apart from this, the import of mineral products and energy also decreased by 25.82 percent.

Furthermore, exports of goods from Bangladesh to the country also declined in the Indian fiscal year 2022-23. The growth of exports from Bangladesh to India in 2021-22 was 81 percent over the previous fiscal year. It has come down to negative 5.6 percent in FY 2022-23. However, the export of Bangladeshi-made clothes has increased in the country at this time. In the case of knitted and woven garments, the growth rate is 38 and 30 percent respectively.

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