Trade deficit amplifies over 53 percent
Balance of payments (BoP) is under pressures as country's overall trade deficit amplified over 53 per cent by official count in the first 11 months of the just-concluded fiscal year (FY).
The BoP glided into negative terrain as higher import payments far surpassed export receipts.
The trade deficit rose to $9.46 billion during the July-May period of the FY 2014-15 from $6.18 billion in the same period of the previous fiscal, according to the central bank's latest statistics.
The imports grew 12.20 per cent to $37.23 billion during the 11 months against $33.18 billion in the corresponding period of the previous fiscal whereas the country’s export earnings grew only 2.83 per cent to $27.76 billion during the last July-May period, against $27.00 billion in the corresponding period, according to the data showed by Bangladesh Bank.
The country's current-account balance entered the negative territory last September due to higher landed imports, recorded by the customs department, according to the Bangladesh Bank official data.
Gap in services trade such as tourism, financial service and insurance stood at $4.29 billion during the period, which was $3.66 billion in the same period of the previous fiscal, as the country earned $2.81 billion in services trade during the first 11 months of the fiscal while payments on services surged to $7.10 billion during the period, from $6.52 billion in the same period of the previous fiscal.
The overall balance of payments (BoP) came down to $3.59 billion during the period under review, from $4.97 billion in the corresponding period of FY 14.
News & Data Courtesy: Bangladesh Bank & The Financial Express