Mohammad Badrul Ahsan :
Higher import payments and lower export growth in the July-January period of current fiscal pushed trade deficit of the country by around 37 percent comparing to the corresponding period, central bank data shows.
The country’s trade deficit in the same period of last fiscal was $3.87 billion, the data showed.
According to the latest Bangladesh Bank (BB) data, the export earnings posted a growth of only 3.22 per cent comparing to the corresponding period which is also a negative growth of 5.08 against target in the July-February period of the FY17.
The export earnings stood at $22836.26 billion in the first eight months of the FY17 while the earnings were $22123.75 billion in the same period of the FY16.
On the other hand, the imports registered a growth of 9.88 per cent in the July-January period of the FY17 compared with that of 7.30 per cent growth in the same period of the FY16.
The import payments stood at $24.90 billion in the first seven months of the FY17 while it was $22.66 billion in the corresponding period of the FY16. The import payments stood at $21.11 billion in the first seven months of the FY15.
A BB official told The New Nation on Wednesday that the country’s export earnings posted a sluggish growth in the first seven months of the FY17 because of slowing earnings from major markets like the United States and the United Kingdom.
He said that the import payments mainly increased in the last few months due to a rise in payments for petroleum products and some other commodities.
The import of petroleum products increased by 150.76 per cent to $218.04 million in January 2017 from $86.95 million during the same month a fiscal year ago as the country’s industrial units depended on the products due to the persistent crisis of natural gas.
The global prices of the petroleum products recently increased that played a role in raising the payments for the imported items, the official said.
Import payments for sugar and milk food in January of 2017 increased to $153.35 million and $18.37 million respectively from $58.01 million and $15.08 million in the same month of 2016.
The prices of sugar and milk food have recently increased on the global market which put an impact on the import cost of the products, the central banker said.
Former finance adviser to the interim government AB Mirza Azizul Islam on Tuesday told The New Nation that falling export growth of readymade garments, the main export product of the country, dented the overall earnings in July-January period of the FY17 while import payment registered an increased trend during the period.
He said that the country’s export sector lacked diversification in both products and foreign markets.
The slower growth in the export earnings will put an adverse impact to attain the country’s desirable GDP growth this financial year, he pointed out.
Higher import payments and lower export growth in the July-January period of current fiscal pushed trade deficit of the country by around 37 percent comparing to the corresponding period, central bank data shows.
The country’s trade deficit in the same period of last fiscal was $3.87 billion, the data showed.
According to the latest Bangladesh Bank (BB) data, the export earnings posted a growth of only 3.22 per cent comparing to the corresponding period which is also a negative growth of 5.08 against target in the July-February period of the FY17.
The export earnings stood at $22836.26 billion in the first eight months of the FY17 while the earnings were $22123.75 billion in the same period of the FY16.
On the other hand, the imports registered a growth of 9.88 per cent in the July-January period of the FY17 compared with that of 7.30 per cent growth in the same period of the FY16.
The import payments stood at $24.90 billion in the first seven months of the FY17 while it was $22.66 billion in the corresponding period of the FY16. The import payments stood at $21.11 billion in the first seven months of the FY15.
A BB official told The New Nation on Wednesday that the country’s export earnings posted a sluggish growth in the first seven months of the FY17 because of slowing earnings from major markets like the United States and the United Kingdom.
He said that the import payments mainly increased in the last few months due to a rise in payments for petroleum products and some other commodities.
The import of petroleum products increased by 150.76 per cent to $218.04 million in January 2017 from $86.95 million during the same month a fiscal year ago as the country’s industrial units depended on the products due to the persistent crisis of natural gas.
The global prices of the petroleum products recently increased that played a role in raising the payments for the imported items, the official said.
Import payments for sugar and milk food in January of 2017 increased to $153.35 million and $18.37 million respectively from $58.01 million and $15.08 million in the same month of 2016.
The prices of sugar and milk food have recently increased on the global market which put an impact on the import cost of the products, the central banker said.
Former finance adviser to the interim government AB Mirza Azizul Islam on Tuesday told The New Nation that falling export growth of readymade garments, the main export product of the country, dented the overall earnings in July-January period of the FY17 while import payment registered an increased trend during the period.
He said that the country’s export sector lacked diversification in both products and foreign markets.
The slower growth in the export earnings will put an adverse impact to attain the country’s desirable GDP growth this financial year, he pointed out.
