Bangladesh has become India’s fourth-largest export destination overtaking Hong Kong in the first three months of the ongoing calendar year, according to Indian Commerce Ministry data.

India's exports to Bangladesh rose 46 percent on an annual basis at USD 3.16 billion during the January to March period, securing the fourth position after the US (USD 15.41 billion), China (USD 5.92 billion) and UAE (USD 5.34 billion), The Daily Star reported.

Indian merchandise exports to Bangladesh, which saw a 35.14 percent year-on-year growth to USD 0.95 billion in January and 17 percent to USD 0.94 billion in February, rose to USD 1.26 billion in March.

Federation of Indian Export Organizations (FIEO) Director General Ajay Sahai said two main reasons for increased export to Bangladesh is a sharp rise in export of farm produce and seamless movement of goods from India to Bangladesh via rail and waterways compared to other export destinations in the US and Europe following Covid-19 restrictions.

(SAM)