Bangladesh has earned $527.16m from its exports to Indian market in FY 2014-15 a rise by 15.45% compared to $456.63m in the last fiscal year as some products including textiles got duty and quota-free access, according to Export Promotion Bureau data.
Readymade garment export to the neighbouring country also increased by 8.31% to $104.25m in the year compared to $96.25m in the previous year.
Bangladesh has to compete with Indiaâ€™s local producers as they made same products. Besides, the Indian government patronizes local industry to boost economic growth, which caused slow RMG export growth to the neighboring country, said Khondaker Golam Moazzem, additional research director of Centre for Policy Dialogue.
He stressed on improving communication between Bangladeshâ€™s RMG manufacturers and Indian retailers to increase bilateral trading. Besides this, he urged the government to negotiate with its Indian counterpart to lift the countervailing duty on the RMG products.
BGMEA vice president Shahidullah Azim said that RMG export growth to the Indian market was not satisfactory. Lilliput, the largest kidsâ€™ wear brand in India, did not pay $5.5m to 22 garment exporters of Bangladesh and this also discouraged RMG exports to India, which led to the slow growth.
The government needs to take measures through embassy in Delhi to ensure the payment of dues as the exporters were in the risk of shutting down their factories.
A BGMEA director said that Bangladesh has a bright export prospects in densely populated India which has a wide middle-class consumers base and that the garment exports to India were increasing due to high demands for Bangladeshi products like trousers, shirts, blouses, skirts, kids wear, cotton nightwear and jeans.
According to Exporters Association of Bangladesh president Abdus Salam Murshedy, Bangladeshâ€™s export to Indian market has seen increase due to tariff waiver along with geographical proximity, but the growth was slow compared to the previous year.
To attract consumers as well as the retailers to grab the big Indian market, Abdus Salam emphasis on organizing fairs in India.
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