Bangladesh up 12 notches in WB logistics index
Bangladesh’s ranking in the World Bank’s Logistics Performance Index (LPI) 2023 has gone up by 12 places, a development that has given an indication that the country’s skills in trade and business have improved. According to the report, Bangladesh’s rank in the index of 139 countries has risen to 88 from 100 in 2018. Bangladesh managed a score of 2.6 on a 5-point scale, helping the country secure third place among five South Asian nations assessed by the World Bank. India secured the 38th position on the index while Sri Lanka was 72nd and Bhutan 100th. Afghanistan’s stood 139th, the last to come after all countries. The report presents the latest view on trade logistics performance across 139 countries. Logistics is understood as a network of services that support the physical movement of goods, trade across borders, and commerce within borders. Bangladesh deteriorated eight notches in infrastructure, which assesses the quality of trade and transport infrastructure, to 108th from 100th.
Country’s salt production hits 62-year high
The country’s crude salt production reached 18.39 lakh tonnes this year, which is the highest since its production started 62 years ago. With harvesting 10,930 tonnes of salt on 25 April, the production of the essential cooking ingredient has reached 18.39 lakh tonnes which is a 62-year high. The country produced 18.32 lakh tonnes of crude salt last year. According to Bscic data, total salt cultivation has increased by 3,133 acres in the ongoing season from 63,291 acres last year while the number of salt farmers has reached 39,467, an increase of 2,236. As per the National Salt Policy-2022, Bscic is acting as the sponsor of the salt industry. From the year 1961, salt production started in a planned manner in the country.
Pacific Jeans expanding to become a $1b exporter in 5 years
Pacific Jeans Group, a leading Bangladeshi apparel exporter, is currently investing $31.75 million to increase production and achieve its goal of reaching the $1 billion export mark within the next five years. As of 2022, the company exported garments worth $500 million and has set a target of earning $600 million by the end of this year. As part of the expansion plan, a new production facility of about 7.5 lakh square feet is being set up in the Chittagong Export Processing Zone (CEPZ), which is expected to go into production by September-October this year. Pacific Jeans Group has always focused on sustainability during any new investment plan, besides its plans to reduce carbon dioxide (CO2) emissions by 65% by 2030.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$74.45||↑ 0.15||↑ 0.20%|
|Crude Oil (Brent)||$78.00||↑ 0.31||↑ 0.40%|
|Gold Spot||$1,998.88||↑9.84||↑0.49 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 106.6800||BDT 106.6800|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<