Bangladesh jumped four notches to become India’s fifth-largest export destination in the year ended 31 March as exports to many of the nation’s traditional markets shrank because of the pandemic while its eastern neighbour continued to report economic growth. Exports to Bangladesh grew 11% in the previous fiscal year even as India’s overall exports contracted 7% because of the pandemic, according to government data.
Bangladesh has experienced an unprecedented economic transformation over the past decade and is set to surpass India in terms of per capita income. India’s exports to most of its key destinations contracted as the coronavirus pandemic disrupted supply chains. Among the country’s top 20 export destinations, shipments grew only to China (27.5%), Indonesia (21.7%) and Brazil (7%), apart from Bangladesh.