Bangladesh Exports Record $27 bn in First 6 Months of FY22-23

[Destranator]

Bangladesh earns over 27 bln USD from exports in July-December of 2022​

By
Xinhua News Agency

Bangladesh’s total exports in the first half of the current 2022-23 fiscal year (July 2022-June 2023) reached over 27 billion U.S. dollars, up 10.58 percent year on year, the latest official data showed.
The Export Promotion Bureau (EPB) data posted on its website showed that Bangladesh earned 27,311.26 million dollars from exports in July-December of 2022, compared to 24,698.55 million dollars a year earlier.
Of the total earnings, the EPB data showed the country’s income from ready-made knitwear and woven garment items surged 15.56 percent to nearly 23 billion dollars during the cited period.
In the first half of the current 2022-23 year, the EPB data showed knitwear garment export growth increased 15.42 percent to 12.66 billion dollars while woven garments rose 18.29 percent to 10.34 billion dollars compared with the same period of last fiscal year.
With hefty growth in garment exports, Bangladesh shipped goods of a record high of 5.37 billion U.S. dollars last December, which was 9.33 percent higher than the same month a year ago.
Bangladesh saw exports soar more than 34 percent to 52.08 billion dollars in the 2021-22 fiscal year (July 2021-June 2022), official data showed.

Bangladesh earns over 27 bln USD from exports in July-December of 2022 | Macau Business

International, MNA | Bangladesh's total exports in the first half of the current 2022-23 fiscal year (July 2022-June 2023) reached over 27 billion U.S. dollars, up 10.58 percent year on year, the latest official data showed.

www.macaubusiness.com

 

[bluesky]

Bangladesh earns over 27 bln USD from exports in July-December of 2022

Taka is weak against the dollar at TK100 to dollar making our goods cheaper than before. BD should be able to export more if Taka depreciates a little further, say, Tk120 to a dollar,

 

[Bilal9]

Taka is weak against the dollar at TK100 to dollar making our goods cheaper than before. BD should be able to export more if Taka depreciates a little further, say, Tk120 to a dollar,

This could be a two-edged sword. Imports will become dearer maybe?

 

[bluesky]

This could be a two-edged sword. Imports will become dearer maybe?

- Please note that the imports of raw materials are processed and then exported. The import value is less than 1/10th of the export value. It is true in almost every raw material (include also the fuel price) such as minerals or cotton. If you calculate minutely, you will see that a weaker Taka gives more Taka to the exporters. The export market also gets bigger.

- Even the import of luxury items has also positive impacts. A weaker Taka helps also here. The volume of imports goes down, it raises the import taxes making the govt happy.

- Rich people will also not suffer because they have money inside their garages in carton boxes. They will not care if the price of certain France-produced perfumes is 500 Taka higher than before.

- Yes, the food prices will rise with the weakening of the Taka, but it will cause more food production in the country. Finally, BD will become self-sufficient in food production.

I personally want an exchange rate between Tk120 to 140 per dollar. If one watches the standard of living in BD, he will see an artificially appreciated Taka at 100 to $1.

 

[Destranator]

This could be a two-edged sword. Imports will become dearer maybe?

- Please note that the imports of raw materials are processed and then exported. The import value is less than 1/10th of the export value. It is true in almost every raw material (include also the fuel price) such as minerals or cotton. If you calculate minutely, you will see that a weaker Taka gives more Taka to the exporters. The export market also gets bigger.

- Even the import of luxury items has also positive impacts. A weaker Taka helps also here. The volume of imports goes down, it raises the import taxes making the govt happy.

- Rich people will also not suffer because they have money inside their garages in carton boxes. They will not care if the price of certain France-produced perfumes is 500 Taka higher than before.

- Yes, the food prices will rise with the weakening of the Taka, but it will cause more food production in the country. Finally, BD will become self-sufficient in food production.

I personally want an exchange rate between Tk120 to 140 per dollar. If one watches the standard of living in BD, he will see an artificially appreciated Taka at 100 to $1.

For a country like Bangladesh, exchange rate stability is more beneficial than appreciation or depreciation.
Bangladesh is heavily dependent on importing essential food products such as cooking oil. Whenever the import costs go up, local syndicates in the supply chain use it as an excuse to hoard supplies and increase retail prices many times over.
The inflationary pressure at the consumer level often leads to riots at factories.
On the flip side, when taka depreciation against USD is supposed to make exports more competitive, the foreign garments buyers such as Walmart squeeze out the margins off our exporters by offering lower prices in USD terms leaving little for the exporters to spare for raising wages. Even when they manage to raise wages, there is usually a time lag between costs of living going up due to taka depreciation and workers receiving higher wages - this transition period can see devastating industrial unrests breaking out.
Overall, taka depreciation is not a positive. If Bangladesh wants to increase exports, the govt has to improve investment climate by spending money on training, education, infrastructure (does not matter who builds or finances) and cutting red tape.

 

[bluesky]

For a country like Bangladesh, exchange rate stability is more beneficial than appreciation or depreciation.

BD Taka will certainly depreciate with time whether you like or not. I was watching a video in a Dhaka or Khulna restaurant. One plate of rice with mutton curry costs Tk700. Tokyo normal restaurant is cheaper for eating lunch or dinner where average people earn 20 times more than similar people.

Do not you think the country has been washed with very high inflation? Inflation is reflected in the price of local commodities but also causes the depreciation of the currency.

Bangladesh is heavily dependent on importing essential food products such as cooking oil. Whenever the import costs go up, local syndicates in the supply chain use it as an excuse to hoard supplies and increase retail prices many times over.
The inflationary pressure at the consumer level often leads to riots at factories.

It proves the administration is corrupt and weak. But, why the GoB does not create a situation whereby cooking oil seeds are produced in the greater Rajshahi, Rangpur, and Dinajpur Districts or Divisions? The govt itself is a part of the local syndicate. Only a rising local production will cause to cease the evil govt intervention to earn personal money

On the flip side, when taka depreciation against USD is supposed to make exports more competitive, the foreign garments buyers such as Walmart squeeze out the margins off our exporters by offering lower prices in USD terms leaving little for the exporters to spare for raising wages. Even when they manage to raise wages, there is usually a time lag between costs of living going up due to taka depreciation and workers receiving higher wages - this transition period can see devastating industrial unrests breaking out.
Overall, taka depreciation is not a positive. If Bangladesh wants to increase exports, the govt has to improve investment climate by spending money on training, education, infrastructure (does not matter who builds or finances) and cutting red tape.

In short, a country spends only 10% of the entire cost of a product on importing raw materials and fuel. Now, when the dollar is valued at Tk140 the import cost of the raw material is Tk140 instead of Tk84. But, the export price of the finished product is $10. Therefore, the exporters earn Tk1400 instead of Tk840.

The import costs increase by only (Tk140 - Tk84) = Tk56, and the export benefit is (Tk1400 - Tk Tk840) = Tk560. I ask you to come up with math instead of flowing with the economically ignorant mass.

 

[mb444]

Stability is the key.... appreciation or depreciation of TK has positives and negatives. One can argue which leads to net benefit for the country but i suspect any benefit is very short lived.

Volatility of the exchange rates leads to market uncertainty and it degrades everyones ability to make descisions because outcomes can not be predictably calculated.

It does not matter what the rate is, let TK float and it will naturally stay stable most of the time.

 

[VikingRaider]

​

Etto dollar , tahole ei dosha keno? Matro 3 koti 51 lakh dollar er Mal khalas keno kora Zay na? Keu ektu bujhiye Dile upokar hoto ei odhomer!

ডলার–সংকটে রোজার পণ্য খালাস করা যাচ্ছে না​

 

[mb444]

​

Etto dollar , tahole ei dosha keno? Matro 3 koti 51 lakh dollar er Mal khalas keno kora Zay na? Keu ektu bujhiye Dile upokar hoto ei odhomer!

ডলার–সংকটে রোজার পণ্য খালাস করা যাচ্ছে না​

They are free to buy dollar privately and release the goods if BB wont release funds.

Hundi guys are flushed with dollars.... there is no actual shortage of dollars.

These scumbags have opened LC against loans in BDT. No wonder BB wont release funds....they are asking for dollars but do not even have TK to pay for it. Old scam....

 

[VikingRaider]

They are free to buy dollar privately and release the goods if BB wont release funds.

Hundi guys are flushed with dollars.... there is no actual shortage of dollars.

These scumbags have opened LC against loans in BDT. No wonder BB wont release funds....they are asking for dollars but do not even have TK to pay for it. Old scam....

Well maybe you are right!