In the first 11 months of the last fiscal year, the trade deficit exceeded 3 thousand and 81 crore dollars. This information has come up in the updated data of the current account balance of foreign transactions (balance of payment) of Bangladesh Bank.
Industry insiders say the unusual rise in imports has created a huge trade deficit. However, to keep the country’s economy normal, imports need to be brought under control, and export remittances need to be increased; otherwise, the economy will be in crisis.
According to the central bank, Bangladesh’s trade deficit from July to May of the just-ended 2021-22 fiscal year stood at 3 thousand 81 crores and 60 lac dollars. At the current exchange rate (Tk 93.45 per dollar) in domestic currency, the amount is more than Tk 2 lacs and 87 thousand crores.
Earlier, the trade deficit in the first 11 months of the 2020-21 fiscal year was 2 thousand and 70 crore dollars. And the deficit for the whole of the last fiscal year was 2 thousand and 280 crore dollars.
Exports increased by 32.98% during July-May of the current fiscal year. On the other hand, imports increased by 39.03%. In the 11 months under review, the country has earned 4 thousand and 458 crore dollars from exports. At that time, it spent 7 thousand and 540 crore dollars on importing goods. Excluding export earnings from import expenditure, the trade deficit stands at 3 thousand and 81 crore dollars.
