Key Points

In the last fiscal year, Bangladesh earned USD 50 billion, which is about 97% of the target and 8.58% more than the previous fiscal year 2023-24, the Bangladesh Commerce Ministry said in a statement.

The service sector exported USD 5.77 billion from July to April in the 2024-25 fiscal year against a target of USD 7.50 billion, which is 5.13% more than the same period in the 2023-24 fiscal year, it added.

Bangladesh has set the target after reviewing the growth trends achieved in the export sector in the fiscal year, product and market expansion and diversification, recent trends in the world trade, geopolitical impacts, Middle East crisis on the domestic and global economy, impact of Ukraine war, stakeholder opinion, result of the previous fiscal year and the growth rate, the statement said.

India has imposed restrictions on imports of certain Jute products from Bangladesh via land ports. The announcement stated that imports from Bangladesh will not be permitted through any land port on the India-Bangladesh border. However, it is allowed only through the Nhava Sheva seaport.

The restrictions are applicable for those products, bleached and unbleached woven fabrics of Jute or of other textile bast fiber, twine, cordage, rope, cables, sacks and bags of Jute.

"Bangladesh's annual exports of jute and jute products to India are USD 100 million", Commerce Secretary Mahbubur Rahman told ANI over the phone.

"Bangladesh's exports will decrease slightly due to India's ban on land ports. But there will be no major impact", he added.

"We have written three letters to India proposing a meeting at the level of the Commerce Secretary of the two countries to resolve trade-related issues. We have not received any response. We will write again", Rahman said.

- ANI