Year ends with average inflation of 7.70 pc

Though the monthly rate of inflation eased in December last, the just concluded year was marked by a higher rate of inflation of 7.70 per cent on average, compared to 5.54 per cent in 2021. Bangladesh Bureau of Statistics (BBS) released the December inflation data on Monday, which also showed that inflation in the last month of 2022 came down to 8.71 per cent from the rate of 8.85 per cent in November. Inflation in December 2021 was 6.05 per cent. BBS data also showed that food inflation cooled down to 7.91 per cent in December from 8.14 per cent in November. Non-food inflation was, however, almost static at 9.96 per cent in December, which was 9.98 per cent in November.

Source: https://thefinancialexpress.com.bd/economy/year-ends-with-average-inflation-of-770-pc-1672666751

Dec exports all-time high

Manufactured garments carried Bangladesh to another export income record in December, breaking the previous highest in November. In December, exports grew by slightly over 9%, reaching $5.37 billion, the highest in a single month. According to sources in the apparel sector, higher raw material prices, higher export orders compared to previous months, export of high-value garments and a shift from China by major buyers, among other competitors, played a significant role behind the record exports in December. Additional orders from traditional and new markets outside Europe and America contributed to the overall increase in exports. Meanwhile, the country’s external trade deficit decreased by 6.41% to $11.79 billion year-on-year in the first five months of the current fiscal year. The trade deficit in the corresponding period of the previous financial year was $12.60 billion.

Source: https://www.tbsnews.net/economy/bangladesh-sees-record-single-month-exports-december-561702

External debt falls in Q1

Following an upward trend, Bangladesh’s external debt declined to some extent in the first quarter (Q1) of the current fiscal year (FY 2022-23) thanks to lower public borrowings due to stalled less-priority projects amid the sluggish economic situation. The debt fell by over US$ 2.54 billion to $ 92.69 billion in the July-September quarter of FY 2022-23 from $ 95.23 billion in the previous quarter (April-June period of FY 2021-22), according to latest figures of Bangladesh Bank (BB). In the January-March and October-December quarters of the last FY, the foreign debt figures – $93.23 billion and $90.79 billion – showed an upward trend. Of the total Q1 debt, the public sector accounted for $67.29 billion, down $0.73 billion from the previous quarter while private sector debt declined by $0.55 billion to $25.40 billion. Of the private sector debt, about $11.05 billion was directly borrowed by the power, gas and petroleum sectors, followed by the manufacturing sector $4.22 billion and trade and commerce around $3.0 billion. Seeking anonymity, a BB official said the public sector draw down from the external sources plummeted by around 25 per cent in the Q1 of the current FY, contributing to the downward trend in the foreign debt situation.

Source: https://thefinancialexpress.com.bd/economy/external-debt-falls-in-q1-1672714561