Bangladesh’s trade deficit rose to $30.81 billion in 11 months

Bangladesh’s trade deficit has widened to USD $ 30.81 billion in 11 months of current fiscal year (FY) due to hefty rise of import demand in post Covid-19 pandemic period.

Bangladesh Bank (BB) on Monday released this data ‘the current account balance’ after clearing foreign transactions. In the last FY 21, the trade deficit was $2.28 billion.

Bangladesh export has increased by 32.98 per cent in the July-May of the current financial year, while the import rose to 39.03 per cent, BB data showed.

Dr Salehuddin Ahmed, former governor of BB told UNB that the situation created as imports are increasing but exports and remittances are decreasing.

“If we want to reduce the deficit, we have to increase exports and remittances. Besides, luxury and unnecessary imports have to be reduced,” he added.

He also urged to increase vigilance on imported goods and containers that the goods against import LCs are really entering in the country, reports UNB.