Exports from India to Bangladesh drop 28%

In August, India's exports to Bangladesh experienced a 28% decline, amounting to $68.1 crore, down from $94.3 crore in the same month last year, according to The Indian Express, citing data from India's Ministry of Commerce and Industry. This drop is largely attributed to Bangladesh's worsening foreign currency crisis, which has been intensified by ongoing protests and conflicts. CRISIL, a credit rating agency, noted that while recent developments in Bangladesh have not yet significantly impacted Indian trade, prolonged instability could negatively affect industries in India that depend on exports to Bangladesh. Cotton, a major export, saw a 10% reduction in August. This decrease is tied to a fall in garment orders from Bangladesh, which has disrupted India’s textile industry that relies on Bangladesh for raw materials and production.