Bangladesh’s exports soar by 15.26% in July
Bangladesh’s merchandise exports grew by an impressive 15.26% year-on-year to $4.59 billion in July, the first month of the new fiscal year, as per government data. This robust growth was driven by an acceleration in the shipment of apparel items, which will help the country minimise its ongoing foreign exchange crisis. A day earlier, the Bangladesh Bank reported nearly a 6% decline in remittance inflows in July. The data released on Wednesday by the Export Promotion Bureau (EPB) showed that the garment sector contributed over 86% to the overall export earnings. The other sectors – primary commodities, jute and jute goods, frozen and live fish, agricultural products, manufactured commodities, plastic products, leather products, and non-leather footwear – also experienced positive growth year-on-year. Seeking anonymity, a leading apparel exporter told The Business Standard that his group exported 3.62 million pieces of readymade garments worth $285.7 million in the first six months of this year. This figure was lower compared to the export of 4.91 million pieces worth $373.38 million during the same period in 2022.
200MW solar power plant opens
Prime Minister Sheikh Hasina yesterday inaugurated a 200-megawatt (MW) solar power plant, the highest renewable resource-focused power generation capacity of a single facility in the country, built by Beximco Power Ltd. Some $300 million was invested to set up the plant, named Teesta Solar Ltd, on 650 acres of a landmass formed through sedimentation in Sundarganj upazila of the northwestern district of Gaibandha. The plant is expected to provide 200MW of electricity to the national grid daily, said the statement issued by Public Relations Officer Shafiqul Islam of the office of the adviser to the prime minister on private industries and investment.
Mr. Mahbubul Alam elected FBCCI president
Mr. Mahbubul Alam, a leader of the Sammilito Oikko Parishad, has been elected president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) for the 2023-25 term. The elections took place Wednesday at the FBCCI office in Motijheel, Dhaka, where some 78 elected and nominated directors of the federation chose Alam as FBCCI chief. He represented the Chittagong Chamber of Commerce and Industry (CCCI). Election Board Chairman A Matin Chowdhury announced the names of the new office bearers of FBCCI. In the association group, 49 candidates contested for 23 director positions. Of them, 23 were from each of the two panels, and three were independent candidates. However, the Sammilito Baboshayee Parishad panel clinched 15 posts of directors, while Baboshayee Oikko Parishad secured 8 posts in the association group election of FBCCI, the country’s apex trade body. The new board will assume office on August 17.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 348.16||↓ 0.98 %|
|FTSE100||$ 7,561.63||↓ 104.64||↓ 1.36 %|
|Nikkei 225||$ 32,274.14||↓ 433.55||↓ 1.33 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 79.57||↑ 0.08||↑ 0.10 %|
|Crude Oil (Brent)||$ 83.28||$ 83.28||↑ 0.10 %|
|Gold Spot||$ 1,937.32||↑ 2.87||↑ 0.15 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 109.5000||BDT 109.5000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<