Bangladesh's trade deficit hits $20.22 bn between Jul 2023 & May 2024

26 Jul '24

1 min read

Bangladesh's trade deficit hits $20.22 bn between Jul 2023, May 2024

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Bangladesh's trade deficit reached $20.22 billion between July 2023 and May 2024, i.e, the first eleven months of fiscal 2023-24 (FY24), the Bangladesh Bank said.
The deficit was $4.74 billion for the July-March period of FY24, but surged in a month to $18.7 billion in the July-April period.
The trade deficit was $26.02 billion in the FY23 July-May period.

Bangladesh’s trade deficit reached $20.22 billion between July 2023 and May 2024, i.e, the first eleven months of fiscal 2023-24 (FY24), according to the Bangladesh Bank.

The deficit was $4.74 billion for the July-March period of FY24, but surged in a month to $18.7 billion in the July-April period.

Export earnings were worth $37.34 billion for the FY24 July-May period, as per the central bank, while the Export Promotion Bureau had reported $51 billion in export earnings for the same period.

This led to various economic indicators being recalibrated.

As a result, the financial account turned positive from negative, and the current account switched to negative from positive in the FY24 July-April period, according to domestic media reports.

The financial account recorded $2,080 million in the FY24 July-May period, down from $5,515 million in the FY23 July-April period.

It had earlier shown a deficit of $9,258 million in the July-March period of FY24.

The current account recorded a deficit of $5,982 million in the FY24 July-May period, compared with that of $12,020 million in the July-April period of FY23, shifting from a surplus of $5.8 billion in July-March.

The trade deficit was $26.02 billion in the FY23 July-May period.

Fibre2Fashion News Desk (DS)

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