Export hits all-time high of $52b
Exports from Bangladesh hit an all-time high of $52.08 billion in the just-concluded fiscal year, giving much-needed breathing space to the country amid ongoing volatility in the foreign exchange regime, official figures showed yesterday. This is the first-time overseas sales went past the $50-billion mark, comfortably overshooting the target of $43.5 billion set for the fiscal year of 2021-22. In FY22, receipts were up 34.38 per cent compared to a year ago, when exporters brought home $38.76 billion, according to the Export Promotion Bureau (EPB). Alone in June, the shipment stood at $4.908 billion, up 37.19 per cent year-on-year, and the highest ever on record in a single month. The previous highest was registered in December last year when the earnings stood at $4.907 billion. As usual, apparel shipment, which accounts for about 85 per cent of the national earnings from international sources, was the biggest contributor to the highest export shipment. Garment shipment clocked 35.47 per cent year-on-year growth in FY22, netting $42.61 billion. Of the sum, $23.21 billion came from knitwear shipment, up 36.88 per cent. Woven garment shipment grew 33.82 per cent to $19.39 billion. Home textiles fetched $1.62 billion, an increase of 43.28 per cent from a year ago, as demand grew significantly since people still spend more time indoors than in the past as the coronavirus is yet to be eliminated.
Remittances fall 15pc in FY22
Remittances slipped back into negative growth in fiscal year 2021-22 for the first time in the last six fiscal years as many remitters opted for the informal channels to send their money. The inflow stood at $21.03 billion in FY22, a decrease of 15 per cent year-on-year, according to data from Bangladesh Bank. But the positive part is that last fiscal year’s inflow was higher than that of FY20 when the pandemic was largely absent. Migrant workers had remitted $18.2 billion during the period. Expatriate Bangladeshis sent a record $24.77 billion in FY21 when the hundi system, an illegal cross-boundary financial system to launder money, remained inoperative due to the pandemic. Some 8.77 lakh people went abroad for work in the first 11 months of FY22 in contrast to 2.31 lakh in the entire FY21.
New AMD of EBL
Ahmed Shaheen has been promoted to Additional Managing Director of Eastern Bank Ltd (EBL). Prior to this, Shaheen had been serving as Deputy Managing Director and Head of Corporate Banking of EBL. He has over 29 years of professional exposure to Bangladesh banking industry. Shaheen started his career with IFIC Bank and served at different senior positions. He briefly served as Deputy Managing Director and Chief Business Officer at Prime Bank Ltd from April 1, 2015 to July 31, 2016 before rejoining EBL as Deputy Managing Director.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 321.83||↑ 1.05 %|
|FTSE100||$ 7,168.65||↓ 0.63||↓ 0.01 %|
|Nikkei 225||$ 26,097.56||↑ 161.94||↑ 0.62 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 108.30||↓ 0.13||↓ 0.12 %|
|Crude Oil (Brent)||$ 111.49||↓ 0.14||↓ 0.13 %|
|Gold Spot||$ 1,811.81||↑ 0.38||↑ 0.02 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 93.4500|
|GBP 1||BDT 113.0558|
|EUR 1||BDT 97.4684|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<