The contrary’s exports to India in the first half of the current financial year 2014-15 increased by 41.10 per cent to $257.48 million from $182 million in the corresponding period of the FY14 riding on jute and jute goods. According to Export Promotion Bureau data, the exports of jute and jute goods to India in July-December period of the FY15 rose by 38.42 per cent to $55.44 million from $40.05 million in the same period of the FY14.
Amid sluggish global export, the earnings from China registered a 19.50 per cent growth to $393.37 million in the first half of the FY15 riding on readymade garment products.
RMG exports to China in the first half of the FY15 increased by 23.98 per cent to $136.49 million from $110.09 million in the same period of the FY14, the EPB data showed.
Experts and exporters, while talking to New Age on Tuesday, said export earning growth in the Indian market in the first half of the FY15 was encouraging but there was a doubt whether the growth will sustain for long.
When the local market of India faces any shortage of items, the country turns more liberal to import from Bangladesh but the trend does not sustain for long, they said.
‘Though India announced duty-free market access for Bangladeshi products in 2011, the export to the market significantly decreased in 2012-13 due to some non-tariff barriers,’ Bangladesh Institute of Development Studies senior research fellow Nazneen Ahmed said.
‘The export growth to India in the first half of the FY15 is very good but considering the mysterious nature of the market it will not be the right time to make any conclusion,’ she said.
‘We will have to see whether the growth will sustain as India usually imposes various non-tariff barriers on Bangladeshi exports to protect its own interest,’ Nazneen said.
She termed the export growth to the China market a good sign and said China could be an important destination for Bangladeshi goods besides the US and EU market.
Bangladesh has a great opportunity to gain more ground in China as the country is shifting their manufacturing to high-end and high-tech due to excessive labour cost, Nazneen said.
Janata Jute Mills Ltd chairman Najmul Huq said the Indian market experienced a shortage of jute sacks and bags following closure of some jute mills there in recent time.
Several companies and the Indian government are importing jute sacks and bags for packaging their food grains, he said.
The export of jute sacks and bags in the July-December period of the FY15 increased to $15.54 million from $11.70 million in the same period of the FY14 while earnings from jute yarn and twine increased to $27.96 million from $21.45 million.
The readymade garment export in the first half of the FY15 to India grew by10.13 per cent to $58.20 million from $52.85 million in the same period of the FY14.
-With New Age input
