Bangladesh earns $5.31b from export in December, highest in 2023

Bangladesh’s merchandise export earnings reached a pinnacle for the year in December at nearly $5.31 billion, as per data released by the Export Promotion Bureau (EPB) on 2 January. However, this marked a slight decrease of 1.06% from December 2022 when export earnings were recorded at $5.36 billion. Data from the EPB shows that Bangladesh’s cumulative export earnings for the July-December period of the current fiscal year totaled $27.54 billion. This represents a modest 0.84% increase compared to the corresponding period in the preceding year. The textile industry, a cornerstone of Bangladesh’s exports, experienced marginal growth with readymade garment exports rising by 1.72% to $23.39 billion, constituting approximately 85% of the country’s total exports over the last six months.

Source: https://www.tbsnews.net/economy/export-earnings-drop-106-year-year-december-768286

$160m ADB loan to upgrade power network in Dhaka

The Asian Development Bank (ADB) will provide a $160-million loan to upgrade the power-distribution network in Dhaka, improve efficiency, and increase energy supply. The loan agreement was signed by the Secretary of the Economic Relations Division (ERD), Md. Shahriar Kader Siddiky, and ADB Deputy Country Director to Bangladesh, Jiangbo Ning, at a ceremony in Dhaka. The project, known as the Dhaka Power System Expansion and Strengthening Project, aims to construct eight substations and install underground cables and overhead lines spanning over 100 kilometers and 150 kilometers, respectively. In addition to enhancing the operations of the Dhaka Electric Supply Company Limited (DESCO), the project also aims to establish a safeguards unit that covers environmental, social, and gender issues. Of the total, $750,000 worth of technical assistance grant will be funded by the Republic of Korea e-Asia Knowledge Partnership Fund, administered by ADB.

Source: https://today.thefinancialexpress.com.bd/last-page/160m-adb-loan-to-upgrade-power-network-in-dhaka-1704217242

Expatriate Bangladeshis sent home $1.98b remittance in December

Expatriate Bangladeshis sent home $1.98 billion in December 2023, marking a 2.59-percent increase in remittance inflows compared to the previous month. The inflow of remittance stood at $1.98 billion in December, which is the highest in a single month in the last six months of this fiscal, 2023-24. It was $1.93 billion in November, according to the latest Bangladesh Bank (BB) data. Besides, inward remittances also saw a 17.07 per cent hike in December year on year. The remittance earnings stood at $1.7 billion in December 2022. In the recently concluded calendar year, Bangladesh received a total of $21.82 billion from January to December 2023 in remittance, reflecting a modest year-on-year rise of 2.54 per cent.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/shaifur-rahman-new-managing-director-of-cse-1704128010