Bangladesh improves in logistics strength
Bangladesh has climbed up four notches to rank 35th among the 50 most promising emerging logistics markets in the world, thanks to the country’s performance in both domestic and international logistics opportunities, according to the 2023 Agility Emerging Markets Logistics Index. However, Bangladesh has scored the lowest yet again among four emerging South Asian economies in the 14th annual edition of the index unveiled by Agility – a Kuwait-based global logistics company – on Tuesday. At number two in the overall ranking, India has made significant progress in the last decade in modernising its logistics and supply chain industry, read the report. Among other South Asian countries – Pakistan stood at 26th position and Sri Lanka at 30th in the index. Bangladesh has been languishing at the lowest position among the four emerging South Asian economies in the index since 2019. The index ranked the world’s 50 leading emerging markets for overall competitiveness based on four metrics: domestic logistics opportunities, international logistics opportunities, business fundamentals and digital readiness – factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors. This year, Bangladesh’s overall score in these metrics is 4.53 out of 10.
RMG turns to India from China to get cheaper man-made yarn
Bangladesh has shifted its focus towards India from China for importing man-made fibre yarn and fabric due to competitive pricing, improved lead time with the opening of two new land ports and growing demand of the key apparel raw material globally. Industry stakeholders say the United States’ anti-China position may have also played a role in Bangladesh’s shift towards India for man-made fibre, the import volume of which is likely to double in the next five years from the neighbouring ally. Businesses said the move towards alternative sources for raw materials will help support the growth of the man-made fibre industry in Bangladesh and reduce dependence on China. Last December, the Bangladesh government allowed the import of man-made yarn and fabric through Benapole and two other new land ports – Bhomra in Satkhira and Sonamasjid in Chapainawabganj. Last month, 60 firms of Gujarat yarn and fabric producers, most of whom are involved in the man-made fibre trade, participated in an expo in Dhaka to explore the possibility of exporting the product at a higher rate to Bangladesh.
NBR collects Tk 400 billion more revenue in FY22
Finance Minister AHM Mustafa Kamal has said the National Board of Revenue (NBR) has earned Tk 400 billion more in the 2021-22 fiscal year compared to the previous fiscal. “The NBR has earned over Tk 400 billion more in 2021-22 fiscal year compare to 2020-21 fiscal”, said the finance minister replying to a starred tabled question by treasury bench lawmaker M Abdul Latif of Chattogram-11 at the Jatiya Sangsad on Tuesday, reports BSS. The country’s revenue earnings were Tk 3.01 trillion in the 2021-22 fiscal while it was Tk 2.61 trillion in 2020-21, he mentioned.
Local and Global Stock Indices *
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Major Currencies Exchange Rates Movement in Last Seven Days *
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*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
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