Bangladesh’s trade deficit shrinks in FY 23/24

Bangladesh’s trade deficit for the fiscal year 2023-2024, spanning from July 2023 to June 2024, decreased by over 18 per cent to $22.43 billion compared to the previous year, according to the latest data from Bangladesh Bank.

The central bank’s report highlights that the country’s import payments totalled $63.24 billion during the fiscal year, reflecting a 10.6 per cent decline. Export earnings, however, fell by 5.9 per cent, amounting to $40.81 billion.

Amid the trade deficit, remittances from Bangladesh’s migrant workers provided significant relief. Remittances reached nearly $24 billion in the 2023-24 fiscal year, offering a crucial buffer against the forex crunch.

Attribution: Xinhua, Bangladesh Bank report

Subediting: M. S. Salama