Target of $2 trillion exports by 2030: Gujarat-based textile firm wins $3.28 million export order from Bangladesh
Amid increasing business-to-business (B2B) and strong ties between the two nations, Bangladesh earned $1.14 billion in the first nine months of FY23. The apparel products lead the list of export items, holding around 48 per cent share.
In a major boost to the government's thrust to achieve USD 2 trillion in exports by 2030, Gujarat-based textile company has secured a major order from Bangladesh. The company informed that it has received an order worth $ 3.28 million from the neighbouring nation for the supply of raw cotton.
The latest order is in addition to the existing orders from Bangladesh - which enjoys a reputation in the world's competitive garments market. The order comprises of shipment of raw cotton over the next three months.
Axita Cotton is a leading raw cotton manufacturer and exporter in the country. It also produces cotton bales and cotton seeds. The company already supplies materials to several European and eastern markets including China and Vietnam.
"The focus on innovation and sustainability has helped the company to maintain its position as a leading raw cotton manufacturer and exporter," Kushal Nitinbhai Patel, MD, Axita Cotton, said.
Bangladesh is the fourth-largest destination for exports of Indian goods. Amid increasing business-to-business (B2B) and strong ties between the two nations, Bangladesh earned $1.14 billion in the first nine months of FY23. The apparel products lead the list of export items, holding around 48 per cent share.
In FY22, the country exported goods worth $16.15 billion to Bangladesh, an increase of more than 66 percent from $9.69 billion in the preceding financial year. Cotton and cereals were the top three items among other products that India exported to Bangladesh in FY22.
Meanwhile, the government has come out with Foreign Trade Policy (FTP) 2023, w.e.f. from April 1, which seeks to boost the country's exports to USD 2 trillion by 2030. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed.
The new FTP also seeks to make the Indian rupee a global currency and allow international trade settlement in the domestic currency.
Also Read: Rs 40,700 cr sanctioned under Stand-Up India Scheme
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