BD can earn $20b more from exports to EU, UK

Bangladesh could earn an additional US$20 billion through export of goods to the European Union (EU) and the United Kingdom (UK), as full potentials of the markets still remain untapped, according to the findings of a latest study. The country fetched about $28 billion from the EU and the UK in last fiscal year, 2021-22, marking a 32 per cent export growth, of which some $26 billion came from ready-made garment (RMG) exports, according to data. The EU and the UK jointly account for 45 per cent of the global apparel market with more than $200 billion annual import, according to the study – conducted by the Research and Policy Integration for Development (RAPID).

Source: https://thefinancialexpress.com.bd/economy/bd-can-earn-20b-more-from-exports-to-eu-uk-1663037928

Bangladesh Bank increases dollar price by Tk1 to Tk96

Central bank sources confirmed the increase in the exchange rate. A day ago, the central bank had traded dollars for Tk95 each. On the same day, banks capped the rates of the dollar at Tk108 for remittance inflows and Tk99 for export proceeds as part of an effort to curb volatility in the country’s foreign exchange market. The two organisations collected a maximum of Tk108 per dollar in remittances from Monday while encashing export revenue at a maximum of Tk99 per dollar. Additionally, they opened LC at Tk1 more than the weighted average of the exchange rate of remittance and export.

The interbank dollar exchange rate on Monday was Tk103.5. 

Source: https://www.tbsnews.net/economy/banking/bangladesh-bank-increases-dollar-price-tk1-tk96-495086

Manpower export sees robust growth in eight months

The country’s overseas employments in the eight months of the current year witnessed a robust growth following demands of manpower from different job-destination countries. Bangladesh sent 783925 workers abroad in the January-August period of 2022, as against 275791 in the matching period of 2021, reflecting more than 184 per cent growth, official data showed. Besides, the employments has increased over 23 per cent in August alone than that of previous month. It showed 92908 workers found jobs in August and 75,499 in July. Manpower recruiters hoped that more workers would go abroad in coming months as Malaysia started hiring workers from Bangladesh in the last month. Malaysia, a vital market for Bangladeshi workers hired 573 workers from the country in August under the new deal, signed between the two countries in 2021. The South East Asian country is expected to recruit more than 500,000 workers from Bangladesh in the next three years.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/manpower-export-sees-robust-growth-in-eight-months-1662777787