Sohel Parvez

Bangladesh’s cotton and yarn imports nosedived in the first nine months of 2023 as falling demand in the global and local markets, erratic gas supply and the US dollar crisis weighed on textile milers.

Exports earnings fell to $3.76 billion in October, the lowest in 26 months, as shipment of apparel items became the last major victim to the falling global demand as consumers tighten belts amid higher inflation.

The economy, which is already reeling under the pressure owing to persisting volatility in the foreign exchange market and higher inflation, is set to face another major setback as the nationwide blockade could disrupt the smooth operation of the entire supply chain.

Candy, which did not attract the attention of exporters even a decade ago, has become one of the top five items in Bangladesh’s processed food export basket, highlighting the much-needed value-addition brought on by manufacturers. 

The devaluation of taka has increased competitiveness of Bangladesh’s oceangoing ships

Rice production in Bangladesh grew for the sixth consecutive year in fiscal year (FY) 2022-23 as farmers expanded cultivation areas of high-yielding varieties (HYV) and hybrid rice in place of local varieties.

Wheat imports grew four times in the first quarter of this fiscal year as businesses showed an interest in tapping into reduced international prices of the second most-consumed grain in Bangladesh.

With major indicators showing stress in the economy, there is no good news in the investment flow too as investors now prefer to stay away from taking new projects or expanding their existing capacity.

Mostafa Kamal, chairman and managing director of Meghna Group of Industries, says in an interview

Amid criticisms over the delay in squeezing money supply, the Bangladesh Bank yesterday made borrowing costlier as it raised the policy rate by 75 basis points to 7.25 percent to step up its fight against inflation..This is the sharpest pace of rate increase in at least a decade, said a ce

Companies and organisations will be required to file tax returns on the income generated by employee welfare funds from the current fiscal year and pay a 27.5 percent tax on the earnings. 

Bangladesh’s imports of milk and cream plummeted to 118,000 tonnes in the last fiscal year of 2022-23, the lowest in eight years, after a section of consumers cut consumption of milk-based foods and beverages in a bid to manage costs amid heightened levels of inflation. 

Sugar prices have risen globally over the last couple of months

Land use for rice cultivation in Bangladesh is likely to decline in marketing year (MY) 2023-24, which began on May, forecasted the US Department of Agriculture at the end of last week. 

The commission writes a letter to the NBR

Bangladesh is registering a slow spike in the cultivation of onions during summer with the government patronising the expansion to reduce high import dependence during the lean season from October to November.

Nearly a fifth of conventional banks in Bangladesh are preparing to establish digital banks to expand their reach to every nook and cranny of the country, win and retain tech-savvy customers without physical presence.

NRB Bank is planning and working to onboard digital banking facilities as well as introduce neo-banking services for its customers, according to the top official of the private bank.

After 16 percent below normal rainfall in June, Bangladesh saw a drier July as it registered 50.8 percent below normal rain, which forced many farmers to irrigate their fields to cultivate Aman paddy, the second largest rice crop.

Bangladesh’s export to China fell to its three-year low of $677 million in the last fiscal year as entrepreneurs could not take advantage of the duty benefits extended by Beijing.