The fire of violence in India’s neighboring country Bangladesh flared up so much that a coup took place within no time. Prime Minister Sheikh Hasina has resigned from the post of PM after more than 100 people died in violent protests. Meanwhile, a large number of protesters entered Dhaka Palace and Mujib’s statue was vandalized. Amidst the tension in the country, Army Chief General Waqar-uz-Zaman talked about forming an interim government soon. India has a big trade relationship with violence-hit Bangladesh and both the countries import-export many essential goods (Bangladesh-India Export-Import). Let us know what comes to India from Bangladesh and what is sent from here.
Business worth crores affected every day due to violence
The ongoing violence in Bangladesh for the past few days has also affected its trade with India. According to a report, business worth more than Rs 150 crore was being affected every day. Annual trade worth about Rs 30,000 crore takes place between the two countries through the Petrapole and Benepole borders, which has come to a standstill for the past several days.
India is the second largest export partner of Bangladesh
If we look in detail at the trade between India and Bangladesh, according to the data available on ibef.org, Bangladesh is a major trading partner of India and the second largest export partner. In the financial year 2023-24, the total trade between the two countries was $ 14.22 billion. 6,052 items were exported from India to Bangladesh in FY23. This export figure was $12.20 billion, which was less than $16.15 billion in FY22.
Major commodities sent from India to Bangladesh (FY 2023)
- Cotton Yarn ($1.02 billion)
- Petroleum products ($816 million)
- Grain ($556 million)
- Cotton textiles and other facings (US$541 million)
- Organic and inorganic chemicals ($430 million)
Talking about the goods coming from Bangladesh to India, 1154 goods were imported in the financial year 2023-24. Which was around $2.02 billion, whereas in the previous FY22 this figure was recorded at $1.97 billion.
Major goods coming to India from Bangladesh (FY 2023)
- RMG Cotton ($510 million)
- Cotton Fabrics, Made-Up ($153 million)
- RMG Man-made Fiber ($142 million)
- Spices ($125 million)
- Jute ($103 million)
Recently started trading in Indian Rupee
Trade relations between India and Bangladesh have become stronger in recent times. This can also be gauged from the fact that in the matter of trade, India and Bangladesh have now taken an important step by starting trade in Indian Rupee. Former Bangladesh Prime Minister Sheikh Hasina had met PM Narendra Modi on June 22 when she came to India after the formation of Modi 3.0 in the country. During this period many agreements were signed. This also included trade in Indian rupees between the two countries.