Relations With Bangladesh The shift in the government’s approach to COVID-19 under the new administration, its renewed focus on regional trade and cooperation, and its commitment to domestic policy reforms designed to improve the business environment have somewhat attenuated downside risks. Bangladesh was preceded by the United States (US$ 15.40 billion), China (US$ 5.92 billion) and the UAE (US$ 5.34 billion). On the other hand, the inflow of the country's remittance increased by 36.10 per cent to $24.77 billion in the last fiscal year, which was $18.20 billion in the previous year. As per the data released by the Ministry of Commerce and Industry, November trade deficit stood at $22.91 billion. Bangladesh - International Trade Administration Bangladesh’s trade deficit in 11 months of immediate-past financial year (FY) stands at $ 9.464 billion, according to the Bangladesh Bank (BB). Notwithstanding this trade deficit, Dhaka views Beijing as a reliable trade and development partner, with Bangladesh’s commerce minister estimating Chinese investments in the country to cross $50 billion in the next 10 to 15 years. The deficit stood at $14.49 billion during the July-March period of the 2020-21 fiscal year, up from $12.07 billion in the same period of the previous fiscal year, according to the data from the Bangladesh Bank. As of January-March 2021, India's total exports to Bangladesh amounted to US 3.16 billion. The Ministry of Commerce has fixed an export target of $31.20 billion for 2021-22 in the Strategic Trade Policy Framework (STPF) 2020-25. As a result of increased imports, the trade deficit in July-Oct 2021 stood at $15.525 billion--registering an increase of 103.8 percent from $7.617 billion it had recorded last year during the same period. In other words, during this period, Bangladesh was the fourth largest exporter to India. Among the SAARC countries, Bangladesh has trade deficit with all countries except Nepal and the Maldives. At the same time last year, the deficit was 3.84 billion dollars. The politically sensitive deficit with … Trade deficit — the worst is almost over. The imports from China was $10 billion in that period, pushing the trade deficit ratio to 1:10. Trade deficit with region widens in 1QFY22. 6 billion 483 million, chief customs officer Dhruva Biswakarma said. As per the agreement, Bangladesh would receive 2 per cent plus LIBOR as interest on the credit amount. Related Posts. The import from Bangladesh is increasing while export from Nepal is decreasing every year. Pakistan has been running consistent trade deficit since 2003 mainly due to high imports of energy. Since 2012, China has emerged as Pakistan’s largest trading partner replacing the United States. In recent years, the biggest trade deficits were recorded with China, India, United Arab Emirates, Saudi Arabia, Kuwait and Malaysia. India has the largest trade deficit. The country’s trade deficit has widened in the first five months of the current fiscal year as imports outstripped exports. Trade deficit with region widens in 1QFY22. For all latest news, follow The Daily Star's Google News channel. The US trade deficit in goods mushroomed to a record in November as imports surged and exports slipped. Imports jumped 39.2 percent year-on-year to a record high of USD 37.3 billion while exports jumped at a softer 37.3 percent to USD 59.3 billion. The growing elasticity of trade deficit has put pressure on foreign trade, as the current deficit figure of $6.503 billion in the first quarter (July-September) of the current fiscal year 2021-22 is more than three times compared to the same period of the previous fiscal. The country’s trade deficit widened by 9.48% in the first eight months of the current fiscal year 2021-22 as the import payment rose slightly but export earnings fell, indicating a sluggish trend in the economy. Goods carry-over in November 2021 was $0.1 billion (0.1 percent) for exports and $0.1 billion (less than 0.1 percent) for imports. India’s trade deficit with China has declined from 53.57 billion US Dollars in 2018-19 to 44.02 billion US Dollars in 2020-2021.This information was given in a written reply to a question in the Rajya Sabha today by Minister of State for Commerce and Industry Anupriya Patel. In fiscal 2019-20, Nepal shipped goods worth Rs954 million to Bangladesh while it bought more than five times that amount from there. The merchandise trade deficit has already widened to $19.84 billion in the first 11 months (July-May) of the last fiscal year, according to the Bangladesh Bank (BB) data. In the July 2020-March 2021 period, the trade deficit was over 20 percent higher than in the same period of the previous fiscal year 2019-20, the Bangladesh Bank (BB) data showed. Updated: August 6, 2021. India's trade deficit widened sharply to USD 22 billion in December of 2021, a preliminary estimate showed. According to the central bank’s data, the trade deficit with the rest of the world increased to $22.80 billion in July-June period of FY 2020-21, up from $17.86 billion in 2019. According to the Bangladesh Bank (BB), the trade deficit stood at $4.11 billion, a jump of 490.53 per cent from $697 million during the … (Source: New Age) This study attempts to examine the twin deficits hypothesis for Bangladesh. Jasim Uddin remarked this statement at the China-Bangladesh Economic and Trade Co-operation Forum 2021 and the Inauguration Ceremony of 7th Council of Chinese Enterprises Association in Bangladesh on Tuesday morning. In 2020, Bangladesh's trade deficit amounted to … Export performance during the first four months of FY2022 reveal broad-based and robust pick up in exports at 22% year-on-year of both RMG and non-RMG exports. The politically sensitive goods deficit of US with China shot up 15% in September to $36.5 billion. Retail inventories for were estimated at an end-of-month level of $616.9 billion, up 2% from October 2021, and were up 0.6% from November 2020. November 14, 2021. Bangladesh recorded a trade deficit of 220.60 BDT Billion in October of 2021. The politically sensitive trade deficit with China, the largest with any country, fell by 14% in October to $31.4 billion. (Use Data appendix of Bangladesh Economic Question : 6: Compile the data on budget deficit (as % of GDP), Domestic Financing of deficit (as % of GDP), Trade deficit (as % of GDP) and inflation rate since FY 2006 upto FY 2021 and plot them in a single diagram. Dhaka, October 28: In the first quarter of the current financial year (July-September) the trade deficit stood at 2.039 billion dollars. The statistic shows Bangladesh's trade balance from 2010 to 2020. In 2015-2016, Bangladesh’s trade deficit with Indi a was BDT 795946 million while it was BD T 943006 million and BDT million in the FY 2016-17 a nd 2017-18 r es pectively . -. Exports posted year-on-year growth of 24.71pc to $15.102bn in July-December 2021. On an annual basis, India's exports to Bangladesh increased by 46 percent. (New Age Business) Mubarak Zeb Khan Published November 14, 2021. VIENTIANE, Dec. 16 (Xinhua) -- Laos recorded a trade deficit of 336 million U.S. dollars in the first 11 months of 2021, according to the latest information from the Lao Trade Portal website. 0. For example, the US imports oil from Canada even though the US has oil and Canada uses oil. Exports jumped 24.8 percent from a year earlier to USD 34.5 billion, while imports grew at a softer 14.6 percent to USD 32 billion. The trade deficit with Bangladesh in financial year 2076/77 was Rs. Bangladesh’s trade deficit has widened sharply by nearly 500 per cent during the July-August period of the current fiscal year as the exports outweighed imports due to the easing down the influence of the Covid-19 pandemic globally. The trade deficit widened to $4 billion in September from the deficit of $3.51 billion in August and the $2.27 billion deficit a year earlier. The peso posted gains after external trade rebounded in September, Mr. Ricafort said. In turn, U.S. exports to Bangladesh, which consisted largely of agricultural products (grains and cotton) and machinery, amounted to $2.1 billion, up 43 percent from the previous year, but still resulting in a U.S. trade deficit of $4 billion. The October deficit was 17.6% below the all-time peak in September of $81.4 billion, the Commerce Department reported Tuesday. There are positive signs all over from the macroeconomics point of view. ... China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives account for a small amount of $946.218 million — just 13.5pc of Pakistan’s total global exports of $6.997 billion in 1QFY22. Abstract. In contrast, the reserve of Sri Lanka, which is facing a sharp trade deficit, declined to around $3 billion by the end of August 2021. The trade deficit in December 2021 alone was up 57% to $4.1 billion from $2.6 billion in the same month last year. That year, imports from Bangladesh were valued at Rs5.29 billion. Thu Dec 9, 2021 12:00 AM Last update on: Thu Dec 9, 2021 02:29 AM. Imports are impacted principally by a country's income and its productive resources. On Tuesday, Bangladesh’s foreign exchange reserves stood at US$ 46.3 billion after hitting a record high of US$ 48 billion from around US$ 33 billion one and a half year ago. The deficit with China fell 14.0 percent to $31.40 billion, while that with Mexico expanded 6.7 percent to $9.89 billion. For October 2021, revised export carry-over was $0.1 billion (less than 0.1 percent) and revised import carry … The October deficit was 17.6% below the September record of $81.4 billion, the Commerce Department reported Tuesday, Dec. 7, 2021. Goods imports increased 54 per cent … This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term. ISLAMABAD: Prime Minister Imran Khan on Thursday said that the country’s trade deficit was the basic compulsion for the government to go to the International Monetary Fund (IMF). Merchandise exports for April-November 2021 were at $263.57 billion, up 51.34 per cent over $174.16 billion during the corresponding period last year. November 14, 2021. Trade deficit of Bangladesh widened by nearly 28 per cent in the just-concluded fiscal year for higher import-payment pressure on the economy amid lower receipts from external trade, officials said. 3 billion 999 million. In the July 2020-March 2021 period, the trade deficit was over 20 percent higher than in the same period of the previous fiscal year 2019 … The trade deficit with the country in Bangladesh is USD … Trade deficit nearly triples within four months Mohan Mia, AA Bangladesh Bank's updated report shows that goods of 2 thousand 390 crore US dollars (13.90 billion USD) were imported to Bangladesh from overseas during the first four months (July to October) of 2021-2022 fiscal year which is higher than the same period of the previous year by 51.42%. Bangladesh’s central bank estimated foreign exchange reserves increased from $36.0 billion in June 2020 to $46.1 billion in June 2021. A Bangladesh Bank official said the country's export sector suffered huge setback amid the outbreak of COVID-19 in the initial months of this fiscal year, July 2020-June 2021. The U.S. goods trade deficit with Japan shrank 23.2 percent in October from the previous month to $3.53 billion, the Commerce Department said Tuesday. The latest Bangladesh Bank data said that the trade gap rose more than 148 per cent to $12.53 billion from July through November of fiscal 2021-22. Exports boost GDP, but growth in exports fell woefully short of the spike in imports, and the US trade deficits in goods worsened to the worst level ever. A big rebound in exports helped to offset a much smaller rise in imports. Given the global prospects of output and trade growth in 2021, 2022, and beyond, as projected by IMF, the outlook for Bangladesh trade for the near term should appear optimistic. The trade deficit rose to $6.50 billion in the July-September period of FY2022 and it is three times higher... November 10, 2021 - Updated On … Pakistan's trade deficit rose sharply to US dollars 5.11 billion in November 2021 against US dollars 1.94 billion in the same month of the last year 2020, witnessing a surge of 163 per cent, according to News International. For all of 2020, the U.S. trade deficit stood at $676.7 billion, a slight 0.1% above the 2019 figure. The trade deficit widened mainly due to increase in the value of import. In fiscal 2019-20, this trade gap, which occurs when imports outweigh exports, swelled 27.66 per cent year-on-year to stand at $17.85 billion, showed data from Bangladesh Bank. The above graph shows that all three countries have experienced trade deficit during the last ten years. Pakistan recorded a trade deficit of 862093 PKR Million in November of 2021. Until the financial year 2071/72, export of agro products to Bangladesh from Nepal was high but it came down following the year after Bangladesh government increased customs duty on such products from Nepal. The current regime of Sri Lanka can follow the same path of Bangladesh government. Bangladesh’s trade deficit has widened sharply by nearly 500 per cent during the July-August period of the current fiscal year as the exports outweighed imports due to the easing down the influence of the Covid-19 pandemic globally. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2017, Bangladesh's trade deficit amounted to around 17 billion U.S. dollars. For October 2021, revised export carry-over was $0.1 billion (less than 0.1 percent) and revised import carry … US trade deficit hits record of $80.9 billion in September. Bangladesh-China trade neared a record $15 billion in the 2018-2019 fiscal year. October exports to Japan and China… Besides, this agreement will reduce the huge trade deficit with the country. Goods carry-over in November 2021 was $0.1 billion (0.1 percent) for exports and $0.1 billion (less than 0.1 percent) for imports. As of January-March 2021, India’s total exports to Bangladesh amounted to US$ 3.16 billion. Considering the April-December period of 2021, the trade deficit stood at USD 143.97 billion. Imports increased 37.9% YoY to stand at $6.901 billion, up from $5.005 billion in December 2020. Islamabad [Pakistan], December 30 (ANI): Increase in palm oil import prices has added to Pakistan's trade deficit woes as it tries to cope with an increase in inflation and its dependence on external loans is increasing. However, some analysts have raised apprehensions over these projections in view of Beijing’s current track record, having … Purpose. The current regime of Sri Lanka can follow the same path of Bangladesh government. of Bangladesh 2021). Interestingly, the trade deficit has been lower despite the surge in inbound trade. Owning to this bloated trade deficit is imports which increased by 25,1% year on year to N$15,3 billion in October. In July, the first month of the current fiscal, it was around $ 3 billion, only to increase to $4.05 billion in August. According to the United Nations Conference on Trade and Development (UNCTAD) Bangladesh received foreign direct investment (FDI) net inflows of $2.6 billion in 2020. 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