Fuel prices, like those for all other goods, are rising on the global market. Once more, no anticipated remittance flow exists.
Import-export differences continue to exist. In other words, compared to imports, exports are not as expected. These factors contribute to the nation's trade imbalance with the outside world.
In the first 9 months (July-March) of the current (2022-23) fiscal year, the country's trade deficit stood at 1,461 crore dollars. The amount of local currency (1 dollar equals Tk 106) is Tk 1 lakh 54 thousand 866 crore. This information is known from the updated report of Bangladesh Bank published on Wednesday (May 10).
The updated report of the current account balance of foreign transactions published by Bangladesh Bank says that the country has imported goods worth 5 thousand 393 crore dollars in 9 months of the current financial year (July-March). In the same period of the last financial year 2021-22, it imported goods worth 6 thousand 152 crore dollars. According to that, 12.33 percent less import than the same period last year (first 9 months).
In the same period of the financial year, the country exported products worth 3 thousand 932 crore dollars. Which is 7.76 percent higher than the same period of the previous financial year. During the same period of the fiscal year 2021-22, exports of goods were worth 3,649 crore dollars.
Meanwhile, at the end of last December, the country's trade deficit was 1,230 billion dollars. At the end of March, it increased to 1 thousand 461 crore dollars. According to that, the trade deficit increased by 231 crore dollars or 24 thousand 486 crore taka in the span of three months.
The concerned officials of Bangladesh Bank told the Daily Post that there was a large trade deficit earlier, but now it is decreasing. This success has come mainly because of Bangladesh Bank's various steps in opening letter of credit (LC) loans. Again, the gap between import and export is decreasing due to the imposition of restrictions on the import of some products including luxury goods. They expressed hope that the deficit will decrease further in the future.
According to the report, the country's income from the service sector in the 9 months of the financial year at the end of March was 6.5 billion dollars. At the same time, the service sector spent 9.4 billion dollars. Meanwhile, there is a deficit of 2.89 billion dollars in the service sector. In the same period of the fiscal year 2021-22, the deficit in this sector was 2.79 billion dollars.
Having a current account surplus means that the country does not have to incur any debt in regular transactions. And if there is a deficit, it has to be met with loans. As such, it is better for developing countries to have a current account surplus. But our current account balance is now negative. According to the information, in the first 9 months of the current fiscal year, the current account deficit was 364 crore dollars. It was 1 thousand 434 crore dollars in the same period of the last financial year.
JH
