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Bangladesh Economy: News & Updates

Good step by Bangladesh, BD is going to import onion from Myanmar and China leaving India. As we all know India suddenly stops onion export to us which causes suddenly price hike of onion and creates panic. To solve this problem, Bangladesh is now going to import onion from Myanmar and China.
@hinduguy @Ayush @Loki @eastwatch @Skies @Chinese-Dragon, it seems like India is losing a big market :woot:
 
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^^^During mansoon seasons onion prices are generally high in India.And this time the supply and stocks are really low while a group aof traders are artificially manipulating the price.So any kind of onion export to Bangladesh is mostly unlikely as of today.
 
^^^During mansoon seasons onion prices are generally high in India.And this time the supply and stocks are really low while a group aof traders are artificially manipulating the price.So any kind of onion export to Bangladesh is mostly unlikely as of today.


bro this thing is happening for long time, not just this year. So BD had to divert .
 
bro this thing is happening for long time, not just this year. So BD had to divert .

Naturally you have to_Our leaders failed to convince Mr.Sharad Pawar to stop exporting onions in this conditions to other countries where we are getting higher prices.Neither they were able to control the middlemen.I think the supply to BD will resume again when we manage to build up adequate stock again within a short time.
 
Good step by Bangladesh, BD is going to import onion from Myanmar and China leaving India. As we all know India suddenly stops onion export to us which causes suddenly price hike of onion and creates panic. To solve this problem, Bangladesh is now going to import onion from Myanmar and China.
@hinduguy @Ayush @Loki @eastwatch @Skies @Chinese-Dragon, it seems like India is losing a big market :woot:

Never saw/ate Chinese or Burmese onion, but I will believe this news only if I can buy from local market.
 
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Bangladesh’s garment exports jumped, on a year-on-year basis, by more than 26 percent in July, the first month of Bangladesh’s fiscal year ending in 2014, after a garment factory building collapse in April that killed more than 1,000 workers brought widespread international criticism against the country’s government and garment industry for ignoring workers’ safety and rights.

Bangladesh’s overall export earnings grew 24 percent to reach $3.02 billion in July, from $2.43 billion in the same period in 2012, riding on a significant surge in apparel exports, according to data released on Aug. 12 by the government’s Export Promotion Bureau, or EPB. In comparison, the overall growth in export earnings in July 2012 was only 4.26 percent over July 2011, when the country registered export earnings of $2.33 billion, according to Bangladesh’s Financial Express.

Atiqul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association, or BGMEA, told the Express that growth surge in July was due to orders which were placed four months back.

Increased pressure on Bangladeshi exporters as well as foreign buyers to comply with tightened industry standards, after April’s tragedy in the commercial suburb of Savar, about 20 miles from the capital, Dhaka, is expected to reflect in the export figures in coming months, although not significantly, according to a key industry figure, Fazlul Hoque, who spoke to the Express.

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EPB Vice Chairman Shubhashish Bose said the government is exploring new potential markets such as China, Japan, Africa and South America, in an effort to reduce Bangladesh’s dependency on the U.S. and the European Union, which have been pressuring Bangladesh to reform its labor laws and safety regulations, by suspending or threatening to suspend preferential access to garments made in Bangladesh.

On Tuesday, a group of U.S. and Canadian apparel companies that source garments from Bangladesh, including Wal-Mart Stores, Inc. (NYSE:WMT), The Gap Inc. (NYSE:GPS) and Macy's, Inc. (NYSE:M) are scheduled to meet in Chicago to initiate the implementation of a five-year safety plan, unveiled in July, for improving working conditions in garment factories the South Asian nation.

The plan, which drew criticism as being “toothless” and “not serious,” is expected to take effect by Sept. 10, according to a timeline published by a group known as the Alliance for Bangladesh Worker Safety.

The project represents “a significant financial commitment, including an initial worker safety fund, currently $42 million and growing, and the additional availability of over $100 million in access to low-cost capital funding to improve fire and structural safety in Bangladeshi factories,” the alliance said in a statement on its website.

In Bangladesh, representatives of garment workers, in a set of proposals submitted on Sunday to the chairman of the Minimum Wages Board, operating under the Ministry of Labor and Employment, demanded that the government fix Tk8,114 ($104) as the new monthly minimum wage for garment workers, Dhaka Tribune reported.

The current minimum pay for Bangladeshi garment workers is $38 a month, which is about half of what garment workers in Cambodia earn, according to Reuters. Bangladesh last revised the minimum wage in late 2010, when the pay was almost doubled, but this time the government is reportedly facing strong opposition from factory owners against raising wages above a certain level.

However, Shahidullah Azim, vice president of BGMEA, announced support for the wage hike, saying: “We are for wages hike and will follow the board’s decision,” Dhaka Tribune reported.

Bangladesh
 
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Malaysia will issue special identity cards to 1.4 million Bangladeshi workers to be recruited in stages from early next year, the country’s Home Minister has said.

The cards would have Radio Frequency Identification (RFID) and biometric data, and would function as debit and stored-value cards (such as Touch & Go), said Malaysian state news agency Bernama in a report quoting Datuk Seri Ahmad Zahid Hamidi on Thursday.

"They will be colour-coordinated to indicate various employment sectors to prevent the workers from switching jobs," he said.
The Minister was talking to reporters after a courtesy call by Bangladeshi Expatriates Welfare and Overseas Employment Minister Khandker Mosharraf Hossain at Putrajaya in Malaysia.

Ahmad Zahid Hamidi said the workers would be screened before recruitment to ensure none had criminal records, and those found switching sectors would be fined up to RM12,000.

"One of the issues discussed was temporary housing for them so that they are better looked after and to prevent assimilation with locals," he said.

He said entry of Bangladeshi workers had been agreed on during Datuk Seri Hishammuddin Tun Hussein's term as Home Minister to meet labour shortages in the plantation and service sectors.

"They will be brought in under a government-to-government agreement to prevent exploitation by middlemen.

"We're also discussing a similar arrangement with other countries such as Indonesia and Myanmar," the Malaysian Home Minister said.

Meanwhile, Khandker Mosharraf Hossain told reporters the government-to-government deal would reduce cost from US$4,000 (RM13,284) to US$400 (RM1,328) per worker.

"Earlier, they had to work for four to five years to repay the cost because of exploitation by middlemen; now they can settle the amount in two months," he said.

(1 Malaysian Ringgit = 23.28 Taka)

source: Malaysia offers job bonanza - bdnews24.com
 
The Bangladesh Taka has been gradually appreciating against the Indian Rupee over the past year and if the trend continues, both the currencies will become equal in value, according to foreign exchange traders.

The Bangladesh Taka, which was more than Tk 1.70 against a Rupee in early 2012, continued to appreciate against the Indian currency since then and on Thursday, it came to Tk 1.19 a Rupee to register some 30 per cent appreciation in Mumbai inter-bank trade, foreign exchange dealers said in Dhaka on Friday.

However, the depreciation of Indian currency has boosted exports of Indian goods to Bangladesh, which depends greatly on India for imports of most of its essentials including cotton and commodities worth $4.5 billion, they said.

Bangladesh exports goods including the recently allowed garments to India worth nearly $600 million a year. However, the depreciation of Rupee against US dollar and also against Taka is likely to hurt exports of Bangladesh to India.

This depreciation of Rupee will widen the existing huge trade deficit further for Bangladesh, Bangladesh exporters said.

The partially-convertible Rupee slumped by 2.21 per cent to hit a new record low of Rs 65.56 against a dollar at the inter-bank foreign exchange market, surpassing its previous record low of 64.11 on Wednesday, said Indo Asian News Agency (IANS).

On the other hand, a US dollar that cost around Tk 80 in 2012 was available at Tk 77.70 on an average in inter-bank trade on Thursday.

The BB intervened whenever there was excess supply of dollars in the market to prevent Taka from further appreciating.

The BB purchased a record US$ 4.539 billion from the commercial banks directly in the just concluded fiscal year (FY), 2012-13, to keep the inter-bank foreign exchange (forex) market stable, officials said Thursday.

The depreciation of Rupee has slowed Indian imports of fish and other edibles from Bangladesh, as importers in India do not find trading on Bangladeshi goods viable in their domestic retail markets especially in northeast states of India. Most of these Indian states depend on imports of some essentials from Bangladesh.

The US dollar is used as the international currency for the bilateral trade between Bangladesh and India.

Despite a temporary export ban on certain items including fish and vegetables imposed during Muslim fasting month Ramadan, withdrawn on August 10, many Indian importers are yet to resume imports from Bangladesh.

Volume of trade between northeast Indian state of Tripura and Bangladesh fell by 85 per cent in July last due to the escalating exchange rate of the US dollar, which remains almost unchanged against Taka in inter-bank foreign exchange trade.

In fact, suspension of international trade at Akhaura for over a month has severely affected fish supply to the state of Tripura and the resultant shortage has led to escalation of fish prices from Rs 300 to Rs 1,200 per kg in all city markets, a report from Agartala (capaital of Tripura) published in the Times of India newspaper on Monday last said.

Tripura can only cater to 40 per cent of the state's total fish requirement and the remaining 60 per cent comes to the state from West Bengal, Andhra Pradesh and Bangladesh, it said.

Meanwhile, as of the last week the Bangladesh currency is likely to be appreciated further against Rupee and remain steady against US dollar at its forex reserves have reached a record $ 16 billion, spurred by a double-digit growth in exports and low food imports, foreign exchange dealers said.

A slump in food imports following high agricultural output, improvement in payment system and a double-digit export growth have all contributed to robust forex reserve, they said.

Bangladesh received a record $14.46 billion in remittance in the fiscal year (FY) 2012-13 which was 12.6 per cent higher than the previous FY. The export income in the 2012-13 fiscal was $27.02 billion, 11.18 per cent higher than the year before, the BB data said.


Will Taka, Rupee be at par soon? :: Financial Express :: Financial Newspaper of Bangladesh
 
Please discuss and post economic matters here.

The reason being that such threads typically lead to a troll war.

Hope you guys understand. Peace.
 
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