Bangla Trade Gap Reaches $13b

Bangladesh trade deficit has surpassed a record $13 billion in the first nine months of this fiscal year, due to higher imports. The figure is almost double compared to the same period a year earlier, according to data from Bangladesh Bank, Bdnews reported. During the July-March period, imports stood at $40 billion and exports fetched more than $27 billion. During the period, remittances grew about 17% to $10.8 billion from a year earlier. Trade in services has also widened as it stood at $3.03 billion between July and March, up 20.5% from the same period a year ago, according to data from the Export Promotion Bureau. Yet, rising foreign investments and assistance helped make a surplus in the financial account in the first nine months of this fiscal year. From July through March in the current fiscal year, the surplus stood at $6 billion, which was $3.14 billion in the same period a year earlier. During the period, foreign direct investment was $2.25 billion, compared to $2.4 billion a year ago. Bangladesh received $3.73 billion in foreign assistance, a sharp increase of 84.55%.