China beats India in B'desh exports
China emerged as the number one import source for Bangladesh, beating India for the first time.india Updated: Feb 20, 2006 14:38 IST
China emerged as the number one import source for Bangladesh, beating India for the first time, The Daily Star newspaper reported on Sunday.
Bangladeshi imports from China amounted to $494.5 million (32.14 billion taka) during July-September period of the current fiscal, against $416.6 million (27.08 billion taka) imports from India during the same period, according to the statistics of Chief Controller of Import and Export (CCIF).
"China is set to dominate Bangladesh market as the importers here are shifting from India," a top commerce ministry official was quoted as saying by the daily.
Textile fabrics, capital machinery and dyeing chemicals are some of the major items that helped China become the top source of Bangladesh's imports in the first three months of the 2005-06 fiscal.
Bangladesh imported textile products worth $254.5 million (16.54 billion taka) from China, while imports from India were worth $81 million (5.26 billion taka) during the period.
China exported capital machinery worth $101.5 million (6.6 billion taka), while imports from India were $51.5 million (3.35 billion taka).
Besides, dyeing chemicals worth $57.5 million (3.73 billion taka) were imported from China against $38.9 million (2.53 billion taka) from India.
On the other hand, iron products, vehicles and spare parts, and mineral products are some of the major items imported more from India than China.
"Chinese products are cheap compared to the same standard products of India," an importer at Polwel Market in the capital was quoted as saying.
China offers goods with wide price range and importers become interested in China due to its easy trade procedure and speedy shipment, the importer explained.
China usually sends its products to Bangladesh within 25 days on an average by completing all the formalities, while imports from India take 35 days.
Bangladesh's imports from India were $1.9 billion (123.33 billion taka) in the 2004-05 fiscal, while the amount was $1.52 billion (99.1 billion taka) from China during the same period.