Exports top $5b for fourth straight month

Bangladesh’s merchandise exports stayed above $5 billion for the fourth consecutive month in March, giving much-needed breathing space to an economy struggling to keep its head above water amid the persisting foreign exchange crisis. Exporters shipped goods worth $5.10 billion last month, an increase of 9.88 percent year-on-year. Exports stood at $5.30 billion in December, $5.72 billion in January and $5.18 billion in February and the healthy sales overseas came despite challenges on the global and local fronts. The shipment crossed the $5-billion milestone for the first time in January last year. Overall exports posted a 4.39 percent growth to $43.55 billion in the July-March period of the current financial year. Garment shipment rose 5.53 percent to $37.20 billion during the nine-month period of 2023-24 compared to a year ago. Of the sum, $21.01 billion came from knitwear sales, which grew 9.79 percent, and $16.19 billion from the woven sector, which was up 0.47 percent. According to the EPB, the shipment of agricultural products like tea and vegetables grew 5.6 percent to $715.84 million in July-March of FY24. Plastic goods exports increased 18.16 percent to $182.8 million. Cotton waste sales climbed 41.77 percent to $406.45 million, manmade filament export gained 12.98 percent to $246.29 million, and the shipment of specialised textiles rose 16.57 percent to $242.18 million. Non-leather footwear export was up 7.67 percent to $385.73 million.

Source: https://www.thedailystar.net/business/economy/news/exports-top-5b-fourth-straight-month-3580606

Bangladesh Economy to post subdued growth for at least three years

Bangladesh’s economy is projected to grow at less than 6 percent for three consecutive years, including the current fiscal year, said the World Bank yesterday, a pace that is slower than the average expansion recorded in the pre-pandemic decade. the economy would grow at 5.6 percent in 2023-24, lower than the South Asian average of 6 percent for 2024. Annual GDP growth averaged 6.6 percent in the decade before the pandemic struck the world in 2020. Slower growth is projected to persist in 2024-25, it said, forecasting a marginal increase to 5.7 percent, driven by a modest recovery in private consumption supported by a moderation in inflation. Once again, the forecast for Bangladesh would be lower than its projection of 6.1 percent for South Asia in 2025 though it would grow at the second-highest pace in the region.

Source: https://www.thedailystar.net/business/economy/news/economy-post-subdued-growth-least-three-years-3580671

BRAC Bank’s Astha app crosses Tk100b monthly transaction milestone

BRAC Bank’s mobile app, Astha, has achieved a record monthly transaction volume, manifesting the app’s popularity among customers as a day-to-day digital banking platform. The mobile app has crossed Tk 100 billion monthly transaction in March 2024, which is a record in Bangladesh banking industry for a single month app-based transaction. In this month, more than 2.38 lakh customers used the app making 21 lakh transactions. This transaction landmark came on the heels of two major milestone in 2023 – facilitating more than Tk 710 billion transaction and roping in 5 lakh customers.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/brac-banks-astha-app-crosses-tk100b-monthly-transaction-milestone-1712079411