In July last, Bangladesh spent $4.81 billion to import goods, but also earned $3.88 billion from exports. In July, the trade deficit stood at $979 million, says a Bangladesh Bank report.
In July of 2018, the deficit was $1.16 billion which means this year the deficit has fallen by $200 million. During 2018-19, the deficit was $15.49 billion. In 2017-18, the deficit was $18.17 billion.
In July of 2019-20 fiscal year, the current account of foreign transactions show $ 240 million as surplus. Though in July of the last fiscal, the deficit was $179 million.
Researcher of Bangladesh Institute of Development Studies (BIDS), Dr Zaid Bakht, has called the surplus in account as favourable for the country.
He says, “If the country can bring down import expenses in the coming days, the country will make more progress.”
If the level of food grain production of last few years can be maintained then import expenditure will be reduced, he observed.
As per Bangladesh Bank account, Foreign Direct Investment (FDI) rose in July and it was $ 344 million; in July, 2018 it was $368 million. The nit FDI has been $210 million.
Central bank says that in July, Bangladesh got $388 million as long term loan and this was $ 265 million last year.
In July, the remittance from expatriates was nearly $1.6 billion which was $1.31 billion in July 2018. So, remittance has risen by 21.24 percent.