Income from export trade is falling and the same trend is noticed in import expenditure. The remittance sent by expatriates is not satisfactory either, said a Bangladesh Bank report.
As per the central bank report, negative growth was noticed in three sectors of foreign trade.
At the end of the last fiscal year, in June, export growth fell to 5.27 percent. Remittance growth also fell by 1.17 percent and in May, import growth fell by 8.45 percent.
Researcher of Bangladesh Institute of Development Studies (BIDS) Dr. Zaed Bakht, told Bangla Tribune: “As Eid ul Azha is approaching, expatriates will send more money next year; that’s why they are sending a little less now.”
Due to a rise in food production, import of food grain has fallen so import expenditure has also seen a dip. The government also doesn’t need to import for its big projects, he added.
In last June, export income was $ 2.7844 billion with a target of $3.6 billion; this was $2.93 billion in June 2018.
In 2018-19, export earning was $ 40.53 billion which was $36.6681 billion in 2017-2018.
Garments contributed to more than 84 percent in the total export earnings.
In June 2018, remittance was $1.3843 billion while this June, this was $1.3882 billion.
In the last fiscal year (2018-19), the remittance sent by expatriates was $ 16.4196 billion.
Import expenditure in March 2018 was $4.842 billion while in March this year it was $4.8936 billion.
The import of wheat and rice has fallen with opening of LCs for rice import falling by 62.59 percent.