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Bangladesh Violence: The fire of violence in India's neighboring country Bangladesh has flared up so much that the Prime Minister had to resign and flee the country. More than 100 people have died in these violent protests. A large number of protesters entered the Dhaka Palace and broke the statue of Bangladesh's founder Mujib. Amidst the tension in the country, Army Chief General Waqar-uz-Zaman has talked about forming an interim government soon.
India does heavy trade with violence-hit Bangladesh. Many essential commodities are imported and exported between the two countries. The violence is likely to affect trade with India. Let us know what comes to India from Bangladesh and what is sent from here.
Millions of businesses are being affected every day
Due to the ongoing violence in Bangladesh for the last few days, trade with India has also been affected. According to a report, trade worth more than Rs. 150 crore per day is being affected. Annual trade worth about Rs. 30,000 crore has been closed for the last several days.
second largest exporter
If we take a detailed look at the trade between India and Bangladesh, Bangladesh is India's top trading partner, as per data available on ibef.org. India is the second largest exporter to Bangladesh. The total trade between the two countries stood at $14.22 billion in FY23-24. 6,052 items were exported from India to Bangladesh in FY23. The export figure was $12.20 billion, down from $16.15 billion in FY20.
Items exported from India to Bangladesh (2022-23)
Cotton yarn ($1.02 billion)
Petroleum products ($816 million)
Grains ($556 million)
Cotton textiles and other materials (US$541 million)
Organic and inorganic chemicals ($430 million)
In the financial year 2023-24, 1154 items were imported from Bangladesh to India. Which was around $ 2.02 billion, whereas in the previous financial year 22 this figure was $ 1.97 billion.
Imports from Bangladesh to India (FY 2023)
RMG Cotton ($510 million)
Cotton fabric, made ($153 million)
RMG man-made fibres ($142 million)
Masala ($125 million)
Jute ($103 million)
Recently started trading in Indian Rupee
Trade relations between India and Bangladesh have become stronger. Both the countries have now taken an important step in terms of trade by starting trade in Indian Rupee. Former Prime Minister of Bangladesh Sheikh Hasina met Prime Minister Narendra Modi on 22 June. During this, many agreements were signed. This also included trade in Indian Rupee between the two countries.
