Bangladesh trade deficit soars to 16.07 bln USD in 11 months of fiscal 2019-20

Source: Xinhua| 2020-06-28 20:35:49|Editor: huaxia

DHAKA, June 28 (Xinhua) -- Bangladesh's trade deficit in the first 11 months of the current 2019-20 fiscal year (July 2019-June 2020) soared by over 7 percent to 16.07 billion U.S. dollars year-on-year, the central bank data showed on Sunday.

The Bangladesh Bank (BB) data showed the country's import payment was 46.244 billion U.S. dollars, down 10.81 percent, in July 2019-May 2020 period of the current fiscal year while earnings from exports stood at 30.175 billion U.S. dollars, also down 18.16 percent, during the same period.

The BB data showed the gap between Bangladesh's export earnings and import payments in July-May period of previous 2018-19 fiscal year (July 2018-June 2019) was 14.98 billion U.S. dollars.

A central bank official said growth in remittances despite economic impacts of COVID-19 helped Bangladesh cushion the impact of ballooning trade deficit.

Bangladesh's overall remittance inflow rose by 8.78 percent to 16.37 billion U.S. dollars in July to May of fiscal year 2019-20 from 15.05 billion U.S. dollars in the same period of last fiscal. Enditem