Bangladesh’s apparel exports to India saw a steep climb during the July-March 2018 period – amounting to an increase of more than double – ushering new hopes and possibilities of export to the neighbouring country.
According to data from Bangladesh Garment Manufacturers and Exporters Association (BGMEA), apparel export to India saw an increase of 111 per cent (on a point-to-point basis) in the last nine months.
In monetary value, the total apparel export to India amounted to US $ 218 million during July-March 2018, what was US $ 97 million at the same time last year. Also, last year, the growth of apparel exports to the country amounted to 15 per cent.
During the July-March 2018, the total export of knitwear to India stood over US $ 104 million, marking an increase of 104 per cent, and woven over US $ 112 million, marking an increase of 113 per cent.
According to data from Export Promotion Bureau (EPB), Bangladesh’s total export to India increased by 15 per cent during the said period, amounting to exports of over US $ 620 million. During the same period last year, the total export stood at US $ 520 million.
SM Mannan Kochi, Vice President of BGMEA, thinks that the main reason for the increase in apparel export to India is the appreciation of the Rupee against the US Dollar. Also, he highlighted, that there is an advantage of lead time to export to India being a neighbouring country.