So, there’s been quite a stir in the trade world between India and Bangladesh. It looks like India has put the brakes on some imports from Bangladesh, causing a whopping $770 million hit to their neighbor. That’s like 42% of all the stuff Bangladesh brings in from India, according to the Global Trade Research Initiative (GTRI). Ouch!
The Global Trade Research Initiative (GTRI) points out that India’s move isn’t some random decision. Nope, it seems like India is hitting back because Bangladesh started restricting imports from India on a bunch of items and cozying up to China. Talk about drama in the trade game, right? Not really sure why this matters, but it’s definitely making waves in the trading world.
Seems like the Union Ministry of Commerce and Industry in India dropped a bomb on May 17 with some new restrictions on what can come in from Bangladesh. Ready-made garments, processed food, and plastic products are the main victims here, only allowed through select sea ports or completely banned from crossing by land. That’s a big blow for Bangladesh, especially when it comes to garments valued at a whopping $618 million every year. Good luck finding a new route, Bangladesh!