Economic Reporter :
Export earnings increased slightly while import payment increased in Q4FY17, reveals Bangladesh Bank quarterly review 2017.
Export earnings increased by 1.7 per cent to $34.84 billion in fiscal year FY17 from $34.26 billion in FY16. In Q4FY17, export earnings increased by 6.2 percent to $9.9 billion from $9.3 billion in Q4FY16.
Among the major export items, earnings from raw jute (-64.3 percent), jute goods (-0.4 percent), leather (-52.7 percent), frozen shrimps and fish (-42.7 percent), woven garments (-9.2 percent), Knit wear products (-1.8 percent) decreased during Q4FY17 over Q4FY16. Only tea and terry towels (+206.7 percent and (+12.6 percent respectively) increased.
Export earnings decreased by 4.4 per cent to $8.7 billion in Q4FY17 from $9.1 billion in Q4FY16.
Ready Made Garments (RMG) exports fell by 5.7 percent to $7.2 billion during the quarter.
In Q4FY17, export of both woven garments and knitwear to the European economies declined by 9.8 percent and 1.5 percent respectively.
Export of both woven garments and knitwear to USA also declined by 9.4 percent and 1.0 percent respectively in Q4FY17.
Among the non-traditional markets, export of non-RMG products to European countries (+8.7), USA (+4.6 percent), Turkey (+8.6 percent), Russian Federation (+39.1 percent), Hong Kong (+267.9 percent) increased while export to Japan (-17.6 percent), China (-20.4 percent), India (-31.7 percent), Republic of Korea (-22.3 percent), UAE (-28.6 percent), Brazil (-4.1 percent) decreased in Q4FY17.
Import payments increased by 9.0 percent to $47.0 billion in FY17 compared to $43.12 billion in FY16.
On the other hand, in Q4FY17 import payments increased by 3.4 percent to USD 12.0 billion compared to USD 11.6 billion in Q4FY16.
Import of food-grains increased from $276.9 million in Q4FY16 to $350.2 million in Q4FY17. Import of rice ($52.6 million) and wheat ($297.6 million) increased by 420.8 and 11.5 percent respectively in Q4FY17 compared to the corresponding quarter of FY16. Import of other food items increased from $838.0 million during Q4FY16 to $1122.0 million in Q4FY17.
Among the other food items, imports of sugar (+121.6 percent), spices (+42.4 percent), milk & cream (+41.5 percent) and edible oil (+12.0percent) increased in Q4FY17 over Q4FY16.
Imports of consumer and intermediate goods increased by 6.2 percent to $6.6 billion during
Q4FY17.
Among the intermediate goods, imports of crude petroleum (+45.2 percent), petroleum oil & lubricant (POL) (+32.6 percent), fertilizer (+31.2 percent), clinker (+27.5 percent), raw cotton (+22.3 percent), plastics and rubber articles thereof (+14.6 percent), oil seeds (+9.1 percent), chemicals (+3.4 percent), yarn (+2.7 percent) and staple fiber (+1.3 percent) increased.
During the same period imports of pharmaceutical products (-6.2 percent), textile and article thereof (-5.4 percent) and dyeing and tanning materials (-0.8 percent) decreased. Imports of iron, steel and other base metals decreased by 6.0 percent and capital goods & others decreased by 13.5 percent in Q4FY17 over Q4FY16 (Table IV.3).
In Q4FY17, Taka depreciated by 1.15 percent against the US dollar. The end period exchange rate reached BDT 80.60 per US dollar in June 2017 from BDT 79.67 per US dollar in March 2017.
The interbank weighted average nominal exchange rate went to BDT 80.60 per US dollar in June 2017 from BDT 79.68 per US dollar in March 2017. During the quarter, Bangladesh Bank sold US dollar 122.0 million in the inter-bank foreign exchange market.
The REER-based exchange rate fell to BDT 113.10 per USD at the end of June 2017 from BDT 117.96 per USD at the end of March 2017.
During fiscal year FY17, opening of import LCs increased by 11.1 percent to $48.13 billion compared to $43.33 billion in FY16.
In Q4FY17, opening of import LCs increased by 5.8percent to $12.5billion, of which Letter of Credit (LC) for most of the goods increased. Opening of LCs for consumer goods (+ 25.3 percent), industrial raw materials (+8.1percent), petroleum and petroleum products (+11.0 percent) and machinery for miscellaneous industries (+10.4 percent) increased. While import LCs for intermediate goods (-15.3) and capital machinery (-4.7percent) decreased.
The inflow of workers’ remittances decreased by 14.5 percent to $12.77 billion in FY17 compared to 14.93 billion in FY16. During Q4FY17, the country’s remittance inflow decreased by 7.6 percent to $3.6 billion compared to $3.9 billion in Q4FY16.
Export earnings increased slightly while import payment increased in Q4FY17, reveals Bangladesh Bank quarterly review 2017.
Export earnings increased by 1.7 per cent to $34.84 billion in fiscal year FY17 from $34.26 billion in FY16. In Q4FY17, export earnings increased by 6.2 percent to $9.9 billion from $9.3 billion in Q4FY16.
Among the major export items, earnings from raw jute (-64.3 percent), jute goods (-0.4 percent), leather (-52.7 percent), frozen shrimps and fish (-42.7 percent), woven garments (-9.2 percent), Knit wear products (-1.8 percent) decreased during Q4FY17 over Q4FY16. Only tea and terry towels (+206.7 percent and (+12.6 percent respectively) increased.
Export earnings decreased by 4.4 per cent to $8.7 billion in Q4FY17 from $9.1 billion in Q4FY16.
Ready Made Garments (RMG) exports fell by 5.7 percent to $7.2 billion during the quarter.
In Q4FY17, export of both woven garments and knitwear to the European economies declined by 9.8 percent and 1.5 percent respectively.
Export of both woven garments and knitwear to USA also declined by 9.4 percent and 1.0 percent respectively in Q4FY17.
Among the non-traditional markets, export of non-RMG products to European countries (+8.7), USA (+4.6 percent), Turkey (+8.6 percent), Russian Federation (+39.1 percent), Hong Kong (+267.9 percent) increased while export to Japan (-17.6 percent), China (-20.4 percent), India (-31.7 percent), Republic of Korea (-22.3 percent), UAE (-28.6 percent), Brazil (-4.1 percent) decreased in Q4FY17.
Import payments increased by 9.0 percent to $47.0 billion in FY17 compared to $43.12 billion in FY16.
On the other hand, in Q4FY17 import payments increased by 3.4 percent to USD 12.0 billion compared to USD 11.6 billion in Q4FY16.
Import of food-grains increased from $276.9 million in Q4FY16 to $350.2 million in Q4FY17. Import of rice ($52.6 million) and wheat ($297.6 million) increased by 420.8 and 11.5 percent respectively in Q4FY17 compared to the corresponding quarter of FY16. Import of other food items increased from $838.0 million during Q4FY16 to $1122.0 million in Q4FY17.
Among the other food items, imports of sugar (+121.6 percent), spices (+42.4 percent), milk & cream (+41.5 percent) and edible oil (+12.0percent) increased in Q4FY17 over Q4FY16.
Imports of consumer and intermediate goods increased by 6.2 percent to $6.6 billion during
Q4FY17.
Among the intermediate goods, imports of crude petroleum (+45.2 percent), petroleum oil & lubricant (POL) (+32.6 percent), fertilizer (+31.2 percent), clinker (+27.5 percent), raw cotton (+22.3 percent), plastics and rubber articles thereof (+14.6 percent), oil seeds (+9.1 percent), chemicals (+3.4 percent), yarn (+2.7 percent) and staple fiber (+1.3 percent) increased.
During the same period imports of pharmaceutical products (-6.2 percent), textile and article thereof (-5.4 percent) and dyeing and tanning materials (-0.8 percent) decreased. Imports of iron, steel and other base metals decreased by 6.0 percent and capital goods & others decreased by 13.5 percent in Q4FY17 over Q4FY16 (Table IV.3).
In Q4FY17, Taka depreciated by 1.15 percent against the US dollar. The end period exchange rate reached BDT 80.60 per US dollar in June 2017 from BDT 79.67 per US dollar in March 2017.
The interbank weighted average nominal exchange rate went to BDT 80.60 per US dollar in June 2017 from BDT 79.68 per US dollar in March 2017. During the quarter, Bangladesh Bank sold US dollar 122.0 million in the inter-bank foreign exchange market.
The REER-based exchange rate fell to BDT 113.10 per USD at the end of June 2017 from BDT 117.96 per USD at the end of March 2017.
During fiscal year FY17, opening of import LCs increased by 11.1 percent to $48.13 billion compared to $43.33 billion in FY16.
In Q4FY17, opening of import LCs increased by 5.8percent to $12.5billion, of which Letter of Credit (LC) for most of the goods increased. Opening of LCs for consumer goods (+ 25.3 percent), industrial raw materials (+8.1percent), petroleum and petroleum products (+11.0 percent) and machinery for miscellaneous industries (+10.4 percent) increased. While import LCs for intermediate goods (-15.3) and capital machinery (-4.7percent) decreased.
The inflow of workers’ remittances decreased by 14.5 percent to $12.77 billion in FY17 compared to 14.93 billion in FY16. During Q4FY17, the country’s remittance inflow decreased by 7.6 percent to $3.6 billion compared to $3.9 billion in Q4FY16.
