Business

The trade deficit in 9 months is 2.5 billion dollars

The trade deficit in the first nine months of the current financial year (2021-22) is ৪ 2,490 crore, which is over Tk 2,15,000 crore in Bangladeshi rupees due to increase in imports as compared to exports and increase in prices of all kinds of products including fuel in the world market.

The trade deficit for the first nine months of the 2020-21 fiscal year was 1,526 crore. The deficit for the full fiscal year was 2,260 million.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Economists say the trade deficit has widened as imports have risen sharply. However, to keep the country’s economy normal, imports must be brought under control. Otherwise, the economy will fall into crisis.

Imports have been on the rise since the Corona epidemic situation returned to normal. And the gap between import and export or trade deficit is increasing.

The data released by Bangladesh Bank on Sunday updated the current account balance of foreign transactions, showing that Bangladesh imported a variety of goods worth 8,152 crore during July-March of the 2021-22 fiscal year. This is 43.6 percent more than the same period last year. In these 9 months of the fiscal year 2020-21, goods worth 4,260 million were imported.

On the other hand, during July-March of the current financial year, the exporters earned 3.61 billion by exporting various products, which is 32.92 percent more than the same period of the last financial year. As a result, the overall trade deficit in the first nine months of the fiscal year stood at 2.49 trillion.

Meanwhile, the expatriates sent remittances or remittance income of 1.53 billion during July-March. This figure is 17.84 percent less than the same period of last financial year. During the same period of FY 2020-21, remittances of 18.60 billion came to the country.

After Corona, the demand for all kinds of products in the country has increased tremendously. Besides, the prices of products in the world market were increasing by leaps and bounds. Prices are rising further as supplies have been disrupted by the recent Russia-Ukraine war.

In April last year, the price of fuel oil in the international market was 60 per barrel. The oil sold for more than 112 on Sunday. It rose to 139 at the start of the Russia-Ukraine war. This has increased the cost of imports.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button