February 8, 2023
1 min read

Bangladesh trade deficit dips 21.71 %

Bangladesh’s overall remittance inflow rose by 2.44 per cent year on year to $10.49 billion in the first half of the 2022-23 fiscal year…reports Asian Lite News

Bangladesh’s trade deficit in the first half of the current 2022-23 fiscal year (July 2022-June 2023) dipped by 21.71 per cent to $12.30 billion year-on-year, according to data from the central bank.

The Bangladesh Bank (BB) data revealed that the country’s import payment was $38.13 billion, down 2.15 per cent, in the July-December period of the current fiscal year while earnings from exports stood at $25.83 billion, up 11.04 per cent, during the same period, reports Xinhua news agency.

The BB data showed the gap between Bangladesh’s export earnings and import payments in the July-December period of the previous 2021-22 fiscal year (July 2021-June 2022) was $15.71 billion.

A central bank official who did not give his name said that growth in remittances as always helped Bangladesh cushion the impact of the trade deficit.

Bangladesh’s overall remittance inflow rose by 2.44 per cent year on year to $10.49 billion in the first half of the 2022-23 fiscal year.

Bangladesh’s trade deficit ballooned to a record level of over $33 billion in fiscal 2021-22 ending on June 30, 2022 on the back of increased imports.

In its bid to boost the country’s shrinking forex reserves which fell below $33 billion at the end of the last month, the central bank has taken various measures in recent months to discourage imports.

The bank had recently raised the interest rate on loans in foreign currency from the Export Development Fund by 50 basis points to 4.5 per cent with a view to reducing forex reserve expenditure, according to central bank sources.

ALSO READ: Will Hasina retain power in Bangladesh?

Previous Story

Guterres fears global conflict escalation

Next Story

Pakistan bars 190 Hindus from travelling to India

Latest from -Top News

American missionary abducted in Niger

The US Embassy in Niamey issued a security alert warning that American citizens “remain at a heightened risk of kidnapping throughout Niger, including in the capital city”…reports Asian Lite News An American

Ouattara predicted to win fourth term

Around 8.7 million Ivorians were registered to vote, though analysts had predicted a lower turnout compared with the last two elections, when participation slightly exceeded 50%…reports Asian Lite News Votes were being

Russia Fires at EU

Zakharova called the sanctions package “illegal” and “self-destructive”, while accusing Brussels of isolating itself on the international stage…reports Asian Lite News Russia’s Foreign Ministry Spokeswoman Maria Zakharova has slammed the European Union’s

Mamdani Hits Back at Racism

Mamdani criticised rivals for spreading “hatred,” saying their Islamophobia harms him and nearly one million Muslims in New York….reports Asian Lite News New York City mayoral candidate Zohran Mamdani on Friday delivered
Go toTop

Don't Miss

Dhaka to launch 3 infra projects during Hasina’s India visit

Three projects are namely; Maitree Super Thermal Power Plant-2, 65-kilometre-long

39 killed, 500 injured in B’desh container depot fire

As the fire is still raging which might take another