The dollar-crisis has reined in import spending. Bangladesh Bank has released updated information on the current account balance of foreign transactions. It can be seen that, in the first quarter of the current fiscal year 2023-24 i.e. during July-September period, the businessmen-entrepreneurs of Bangladesh have imported various types of products worth 14.75 billion dollars. This figure is 23.77 percent less than the same period last year. Despite that, in the current world context, the most discussed indicator of the country’s economy is the accumulation of foreign currency or reserves are not increasing; On the contrary, it is decreasing.
In the first quarter of the financial year 2022-23, goods were imported worth 19.35 billion dollars. The trade deficit has also come down quite a bit due to the reduction in imports. Total deficit in goods trade during July-September stood at 181 crore 80 lakh (1.82 billion) dollars. Which is 76 percent less than the same period of last financial year. In these three months of the fiscal year 2022-23, the trade deficit amounted to 757 crore 60 lakh (7.57 billion) dollars.
Exporters have earned 12.93 billion dollars by exporting various products during July-September this year, which is 9.85 percent more than the same period of last financial year. In these three months of last year, 11.77 billion dollars were earned from the export of goods. Accordingly, in the first quarter of the current financial year, the total deficit in goods trade has decreased to 1.82 billion dollars. The fiscal year 2022-23 ended with a trade deficit of $17.15 billion. In its previous fiscal year (2021-22), the deficit rose to $33.25 billion, surpassing all previous records. During July-September of the financial year 2023-24, the amount of surplus in the balance of the current account of foreign transactions (Balance of Payment) stood at 892 million dollars. In these three months of the last financial year 2022-23, there was a deficit of 3.68 billion dollars in this important indicator of the economy.
Fiscal year 2021-22 ended with a huge deficit of $18.70 billion, surpassing all previous records due to abnormal increase in imports. Never before has there been such a deficit in the balance of payments in any financial year.
In the last financial year 2022-23, the deficit came down to $3.33 billion (3.33 billion) due to lower imports. The balance of payments deficit was $4.57 billion in the fiscal year 2020-21.
According to Central Bank data, import costs started increasing from August 2021. That jump is seen throughout the fiscal year. Finally, the fiscal year 2021-22 ended with a growth of 36 percent.
Export earnings also jumped in that fiscal year; There was a growth of 34.38 percent. But another important indicator remittance fell by 15.12 percent. That is why the balance of payment deficit has peaked.
After several years, Bangladesh fell into a deficit in the current account balance in the fiscal year 2020-21. It ended the year with a deficit of nearly $4 billion. Earlier, the fiscal year 2019-20 ended with a huge surplus of $9.27 billion. The surplus in 2018-19 was $3.17 billion. The overall balance of payments (overall balance) deficit has decreased. The deficit in this index stood at 2.85 billion dollars during July-September period. This deficit was 3.31 billion dollars during the same period last year.