October exports fall but RMG sees over 3% rise
Despite an overall fall in export earnings, data from the Export Promotion Bureau (EPB) show that Bangladesh’s ready made garments sector saw a 3% growth in revenue in October compared to last year, a figure that surprises RMG owners. According to the latest figures released by the EPB, after 13 months of much-needed recovery of the apparel export from the pandemic and promising growth, overall export earnings in October of the current financial year fell by 7.85% to $4.35 billion year-on-year from $4.72 billion in the same month of FY 2021-22. Apparel export earnings, however, reached $3.67 billion, higher than the $3.65 billion registered in October of FY21-22. Apart from apparels, earnings fell for most other major sectors, including jute and jute goods, frozen and live fish and shrimp export. Apparel exports – which constituted 83% of the country’s total exports in the first four months of FY23 – spell the trend for the country’s export growth. If the sector shines, so do the numbers. But when The Business Standard spoke to at least 20 leading apparel exporters, all were taken aback by the data as they claimed every factory was running at 30% less capacity compared to the same month of last year.
Stocks up despite weak economic data
The stock markets rose yesterday on the back of a regulator’s decision to allow investors to buy shares on the same day a cheque is deposited with brokerage houses and fresh bets from some big individual investors despite weaker remittance and export data. On Tuesday, Bangladesh Bank data showed that remittance inflow declined 7.4 per cent year-on-year to $1.52 billion in October, the lowest in eight months. And the Export Promotion Bureau yesterday said foreign sales declined 7.85 per cent to $4.35 billion last month. Higher remittance and export earnings are crucial for Bangladesh in its attempt to fight off the impacts of the global crisis and the volatility in the foreign exchange market, which have pushed up the imports of the country, driving down foreign currency reserves and driving up inflation.
Postal Department receives Tk 45m as earnings from Nagad
Nagad, the mobile financial service arm of the Bangladesh Post Office, has shared revenue with the Postal Department this year like every year. The Postal Department has formally received Tk 4,50,46,000 as revenue from Nagad’s earnings in the fiscal year 2021-22. Nagad authorities handed over the cheque for the said amount payable to the Postal Department at a programme in the capital’s Agargaon area on Wednesday. Secretary of the Posts and Telecommunications Division Md. Khalilur Rahman received the cheque from Nagad’s Executive Director Md.Shafayet Alam. Posts and Telecommunications Minister Mustafa Jabbar, Director General of the Postal Department Md. Harunur Rashid, and Nagad’s Founder and Managing Director Tanvir A Mishuk were present there. Bangladesh Postal Department is entitled to getting 51 per cent of the revenue earned by Nagad as per the agreement between Nagad and the Postal Department. The remaining (49 per cent) will go to Nagad, reports BSS citing a press release.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 505.44 ||↓ 1.55%|
|FTSE100||$ 7,144.14||↓ 42.02||↓ 0.58 %|
|Nikkei 225||$27,663.39||↓ 15.53||↓ 0.06%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$89.50 ||↑ 0.50||↑ 0.56%|
|Crude Oil (Brent)||$95.78 ||↓ 0.38||↓ 0.40%|
|Gold Spot||$1,637.18||↑ 1.94||↑ 0.12%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 100.5000||BDT 103.7500|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<