Country's trade deficit narrows to 6-year low

Country's trade deficit has come down to its lowest in six years in the outgoing financial year, to stand at nearly $5.47 billion, down 15 per cent from a year earlier, thanks to a drop in global commodities prices and steady garment exports, according to latest data of Bangladesh Bank.

Imports rose 5 per cent in the year to $40 billion, while exports increased 9.72 per cent to $34.24 billion, mostly driven by stronger garment sales, central bank data showed.
During July 2015 to June 2016, Bangladesh imported $39.71 billion, up by 5.45 per cent over the previous year.
Export earnings rose by 9.72 per cent at $33.24 billion.
Trade deficit is calculated from the difference between export and import, which is now at $5.47 billion.
The $28.09 billion-a-year garment export industry, which had been recovering strongly from a major tragedy three years ago, could face a new threat as Western retailers limited their visits after the deadly attack on Holy Artisan restaurant on July 1. 
Bangladesh routinely runs a trade deficit, but strong remittances from millions of citizens working overseas helped offset the trade shortfall and have kept the overall balance of payments in surplus in recent years.
Remittances, however, fell 2.5 per cent, to $14.93 billion, in the last financial year, largely because of the impact of lower oil prices.
Foreign exchange reserves hit a record $30 billion in the last financial year, up nearly $5 billion from the previous year.

Countrys trade deficit narrows to 6-year low

Countrys trade deficit has come down to its lowest in six years in the outgoing financial year, to stand at nearly $5.47 billion, down 15 per cent from a year earlier, thanks to a drop in global commodities prices and steady garment exports, according to latest data of Bangladesh Bank. Imports rose 5 per cent in the year to $40 billion, while exports increased 9.72 per cent to $34.24 billion, mostly driven by stronger garment sales, central bank data showed. During July 2015 to June 2016, Bangladesh imported $39.71 billion, up by 5.45 per cent over the previous year. Export earnings rose by 9.72 per cent at $33.24 billion. Trade deficit is calculated from the difference between export and import, which is now at $5.47 billion. The $28.09 billion-a-year garment export industry, which had been recovering strongly from a major tragedy three years ago, could face a new threat as Western retailers limited their visits after the deadly attack on Holy Artisan restaurant on July 1. Bangladesh routinely runs a trade deficit, but strong remittances from millions of citizens working overseas helped offset the trade shortfall and have kept the overall balance of payments in surplus in recent years. Remittances, however, fell 2.5 per cent, to $14.93 billion, in the last financial year, largely because of the impact of lower oil prices. Foreign exchange reserves hit a record $30 billion in the last financial year, up nearly $5 billion from the previous year.