Export earnings from India surpass China in July-Oct

Bangladesh’s export earnings from India surpassed that of from China in four months of the current fiscal year 2015-2016, riding mainly on robust growth in export of raw jute to the neighbouring country, according to Export Promotion Bureau data.
According to the EPB data released on Thursday, the country’s export to India increased by 23.34 per cent to $216.54 million in the July-October period of this fiscal year from that of $167.92 million in the same period of last fiscal year.
On the other hand, export earnings from China fell to $211.87 million in the July-October period this fiscal year, which was $254.32 million in the same period in the previous fiscal year, the data showed.
The overall growth in export to China also suffered a significant fall of 17 per cent in the July-October period of the FY16 due to devaluation of the yuan, the Chinese currency, amid economic woes in the world’s second largest economy.
Export earnings from India had exceeded China figure in last time in the July-October period of the FY 2012-2013 after India provided duty-free and quota-free market access for all, except tobacco and alcohol, Bangladeshi products to its market in November 2011.
In the July-October period of the FY16, raw jute export to the neighbouring country rose by 170 per cent to $68.97 million from only $25.57 million in the same period of last fiscal year.
Traders and officials said that jute export witnessed such a huge growth mainly due to higher demand from Indian importers following lower output of the natural fibre in that country.
Export of almost all major products including readymade garment items also registered a positive growth in the months to the Indian market, they said.
On the other hand, export earnings from almost all major items including rawhide, raw jute and apparel products from China fell significantly in the period due to fall in demand for imported products in the country following the recent economic slowdown and devaluation of its currency, yuan, they added.
They said that imported products became costlier in China due to the
currency devaluation, forcing Chinese importers to cancel export orders from Bangladesh.
According to the data, earnings from export of RMG items fell to $75.75 million in July-October this fiscal year from $90.50 million in the same period of last fiscal year.
China is considered a fast-growing market for Bangladeshi products while export earnings from India have also been increasing over the last few years.
In the FY 2014-2015, Bangladesh exported products worth $512 million and $791 million to India and to China respectively.

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