Bangladesh’s merchandise export to UK hits $5b milestone

Bangladesh has achieved a significant milestone by surpassing the $5 billion-mark in exports to the United Kingdom, according to commerce ministry data. In the just concluded fiscal 2022-23, Bangladesh’s merchandise exports to the European country peaked at $5.3 billion, demonstrating substantial growth from $4.8 billion in the previous year and doubling the figures from a decade ago when it stood at $2.7 billion. Key export items contributing to this achievement include ready-made garments (RMG), frozen food, IT engineering, leather and jute goods, as well as bicycles. In terms of imports, Bangladesh’s trade with the UK amounted to $380 million during the first 11 months of FY23 till May. It was projected to reach around $450 million by the end of the fiscal year on 30 June, as stated by a senior official from the commerce ministry. Overall, Bangladesh’s exports recorded a year-on-year growth rate of 6.67%, totalling $55.55 billion in the last fiscal year, primarily driven by the performance of the apparel sector, according to data from the Export Promotion Bureau.

Source: https://www.tbsnews.net/economy/bangladeshs-merchandise-export-uk-hits-5bn-milestone-660646

Dhaka, Delhi set to launch trading in rupee on 11 July

Bangladesh and India are all set to start trading in rupee as the central banks of the two neighbours have made all the necessary arrangements to make this happen. According to the agreed trading mechanism, Bangladeshi exporters will now be able to get export proceeds in rupee from 11 July, and the equivalent amount will be used for import bill settlement.

Source: https://www.tbsnews.net/economy/dhaka-delhi-set-launch-trading-rupee-11-july-660354

Meridian Agro eyes leap in mango export

Defying the common notion that hilly areas are not suitable for commercial mango cultivation, Meridian Agro Industries has developed an orchard in Bandarban’s Lama upazila, which has been producing the succulent fruit in large volume and exporting it abroad. Meridian Agro produced 20 tonnes of mangoes in 2010, which increased to 120 tonnes in 2016. This year the company aims to produce around 180 tonnes of mangoes. Meridian officials said previously small businessmen bought mangoes from them and exported them. The company started exporting the produce in 2021. It sent about 600 kg of mangoes to Qatar and Saudi Arabia that year, and about 700 kg in 2022.

Source: https://www.tbsnews.net/economy/meridian-agro-eyes-leap-mango-export-660562