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Bangladesh November exports hit all-time high, crossing $5b mark

EasyNow

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As usual, dumb people with an agenda have managed to take excellent news and to put a negative spin on it. But like the article says - the data is based on revenue figures, so there's no way to deny it.

What these imbeciles don't understand is that higher raw material prices mean higher prices for garment orders. So our revenue would increase even if we export the same numbers as before. This is actually exactly what was expected from worldwide inflation.
 

UKBengali

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As usual, dumb people with an agenda have managed to take excellent news and to put a negative spin on it. But like the article says - the data is based on revenue figures, so there's no way to deny it.

What these imbeciles don't understand is that higher raw material prices mean higher prices for garment orders. So our revenue would increase even if we export the same numbers as before. This is actually exactly what was expected from worldwide inflation.



These "experts" think that it is so easy for countries to just switch away from BD and so BD will need to keep making its garments cheaper and cheaper in order to keep it's market share.

They do not understand the backward linkage, quality and scale that BD has built up over many decades that it is not that easy.

So sad to see BD trolls spend their internet hours bad mouthing their own country when even PPP per capita that BD government cannot manipulate says that BD has finally caught up with India and around 20% ahead of Pakistan now.
 

mb444

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Bangladesh’s apparel might propelled the achievement, while some apparel-makers doubt record forex earnings​


Infographic: TBS

Infographic: TBS

Infographic: TBS

For the first time in history, Bangladesh's export earnings crossed the $5 billion-mark in November, according to the Export Promotion Bureau (EPB), thanks to resurging Western fashion orders, pricier raw material imports and shipment of on-hold export consignments.

The export earnings were $3.91 billion and $4.36 billion in September and October respectively.

On a positive trend, the earnings in the first five months of FY23 grew by 11% compared to the corresponding period of last year, show the latest EPB data on Thursday.

According to the bureau, Bangladesh exported goods worth $5.09 billion in November, which was 26% higher than the corresponding period of the previous fiscal year.


Meanwhile, Bangladesh also bagged the second position again in the global apparel export market in 2021, according to the recent World Trade Organization (WTO) Trade Statistics Review, as the country was pushed back in third position by Vietnam in 2020.

Exporters and EPB officials attributed the overall success to start producing relatively higher value products compared to the past.



"Apparel export growth to non-traditional markets such as Japan, Korea and Australia also contributed to this achievement," AHM Ahsan, vice-chairman of the EPB, told The Business Standard.

However, some apparel-makers did not agree with the bureau's export data.


"EPB's data do not seem credible," Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers Association (BKMEA), told The Business Standard.


He said exports are increasing a bit, but not at the pace claimed by the EPB. Raw material import data against export orders do not support it either.

However, the EPB vice-chairman said they calculate the export statistics based on the revenue board information.


The local apparel industry stands for Bangladesh's 82% export earnings.

According to the latest WTO trade statistics review, Bangladesh has now 8% of the global share of ready-made garment export, $35.8 billion, in 2021.

Vietnam's share of readymade garment exports fell from 6.4% in 2020 to 5.8% in 2021 followed by Türkiye (3.5%), India (3%), Malaysia (2.7%), and Indonesia (1.7%). China has 32.8% of the global clothing market share worth $176 billion.

Apart from apparel, many other sectors failed to meet the anticipated export earnings in the first five months of the current financial year.

Echoing Hatem on EPB data credibility, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan told TBS that the growth is not supposed to be at such a high rate.

"Orders had been plummeting in the last couple of months, but now it ticked up a bit recently," he said.

To make sense of the apparel export growth, the BGMEA president pointed out a surge in raw material prices, resuming shipment of on-hold consignments and switching to manufacturing of high-end clothes in recent times.

According to the EPB, exports of frozen and live fish, agricultural products, jute and jute goods, specialised textiles and home textiles decreased in July-November compared to the same period of the previous year.

On the other hand, exports of some products including leather, leather items and plastics increased in July-November.

Infographic: TBS
Infographic: TBS

Infographic: TBS

Remittance falling on uniform rate

Money transacted home by Bangladeshi nationals abroad has been on a gradual fall since banks introduced the uniform dollar rate in September.

According to the central bank, the country received $1.5 billion per month on an average from September to November. In November, the remittance inflow stood at $1.59 billion.

But the remittances were $2.09 billion in July and $2.03 billion in August.

In the September-November period of FY23, the remittance outlook was at $4.65 billion – $267 million or 5% less than the corresponding period of the previous year.

"The introduction of a uniform dollar rate by banks for remitters is one of the key reasons for the fall," Zahid Hussain, former lead economist of World Bank's Dhaka office, told The Business Standard.

He also pointed the finger at different greenback rates for the while collar and blue-collar Bangladeshis abroad.

The white-collar job holders are getting Tk107 for remitting through the formal banking channel. But blue-collar job holders, who are getting paid in bank cheques, are being offered Tk99.

Zahid Hussain said only a very small number of expatriates are white collar job holders, which is only 10%. More than 90% of the expatriates do blue collar jobs. The low dollar rate to the majority of the migrants is contributing to the remittance fall.

Mustafizur Rahman, distinguished fellow at the Center for Policy Dialogue (CPD), said dollar rates offered by the formal channel and informal Hundi are quite close. Therefore, it does not seem that Hundi is eating up too much of the foreign currency inflow.

He called for investigations by the central bank to verify whether hundi syndicates are buying remittances abroad and investing there.

According to the central bank, remittances through banking channels totalled $21.03 billion in FY22 – which is 15% less than the previous fiscal year.

In FY22, around 9 lakh people went abroad, but it failed to boost the remittance inflow eventually.


Numbers does seem contrary to recent trend. However I would always say that we are spoon feed information by the media who are always seeking to entertain rather than educate.

It is not inconceivable that BD export has risen to over $5b last month as a result of more payments clearing in november, because of exports leaving BD after the economy came to a halt due to fuel crisis for a couple of months, etc.

I will reserve my judgement on this until i see how things pan out over the next several months. At this moment evidence suggests an anomaly due to delayed fulfillment or clearing of payment rather than an upward trend, but let us hope it is the latter.
 

Bilal9

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As usual, dumb people with an agenda have managed to take excellent news and to put a negative spin on it. But like the article says - the data is based on revenue figures, so there's no way to deny it.

What these imbeciles don't understand is that higher raw material prices mean higher prices for garment orders. So our revenue would increase even if we export the same numbers as before. This is actually exactly what was expected from worldwide inflation.

"Dumb People" did not put any spin on anything, the media itself did.

Please go check on the media's say and google it, before you start blaming others.

By now - media knows which Hasina tel-mara and India-shill chetona folks are BS'ing.
 

EasyNow

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"Dumb People" did not put any spin on anything, the media itself did.

Please go check on the media's say and google it, before you start blaming others.

By now - media knows which Hasina tel-mara and India-shill chetona folks are BS'ing.

Did I disagree with the article? I disagreed with your predictable take on it

What's funny is that one minute you say media is BAL controlled. Then you take a standard, balanced article and turn it into an anti govt post.

Who is biased here - the media or BNP shills?
 

Bilal9

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Did I disagree with the article? I disagreed with your predictable take on it

What's funny is that one minute you say media is BAL controlled. Then you take a standard, balanced article and turn it into an anti govt post.

Who is biased here - the media or BNP shills?

Don't call me a BNP or JP shill.

I call out Churi as I see fit. Nowadays most churi is of course being done by AL cabinet members.
 

EasyNow

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Don't call me a BNP or JP shill.

I call out Churi as I see fit. Nowadays most churi is of course being done by AL cabinet members.

Where is the churi in this thread except in your mind? What's this article got to do with AL cabinet members? You introduced churi into an open report that already provides counter opinions from the bgmea.

These are revenue figures, if you can disprove it than do it.

Every opinion you have circles round to corruption. Inflation according to you is corruption too I guess.
 

mmr

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Funny to see London uk crowds working hard to justify bd fake data. From showing higher export to higher gdp, fudging inflation…but if bd was doing so good how come reserve went down by half in one year. It was 48 now it’s barely 26.

Most of these exports will never will come to Bangladesh any way. Revenue and revenue recognition are two different thing. But our sylethi uk proud toilet cleaners love to suck Indian dick and give r** *** to hasina govt lolz.
 

bluesky

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Luckly in BD we have plenty of hard-headed people who think rationally and that is why Bengal 300 years ago was maybe the richest and one of the most technologically advanced regions of the world.

I hope to live to see the day that BD is once again a developed country and society.
Idiot, what Bongo technology you are talking here? Is it Khorom, Gamsa, Langol,or things like motor cars and air-conditioners? Or was it your high-technology Lungi?

Idiot, you are highly delusional. But, why do not you manufacture those highly sophisticated goods instead of talking big?
 
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VikingRaider

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Only European kitchen hands are in Italy and they speak in Dhakaya dialect 🤣🤣 Most of them live on the streets and are abused by Italians 🤣🤣🤣

As the London economist reported, last week, Sylhetis have overtaken white Brits. Jews and Indians are now in our sights 🤣🤣🤣
Thakur ghore kere , Ami to kola Khai ni!

( A guilty mind is always suspicious)
🤔 :undecided:

BD has no choice but to carry on and deepen its economic engagement with India. Both India and BD now realise that they can only prosper together with mutually beneficial trade.
Even hikmet will cry because of your lackey nature! 🤣

@UKBengali why is Bilal sooooo pissed with you?
Why you are so in love with @UKBengali ? For the exact opposite reason @Bilal9 Bhai nowadays pissed with your bosom buddy!

However every patriot should be pissed with Indian lackeys!

Specially @UKBengali who looks like soft power of India.

First pretended to be anti India , and when time came he/she exposed his/her lackey nature! 🤣
 
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Imran Khan

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They are required to follow experts like you! 🤣

Nobel laureate in economics Dr @UKBengali and his govt data!
BAL learn it from india . If you see india in real and india in data both are totally different . Many bd members were not happy on my comments but i was thinking bd is doing what shoukat aziz did to pakistan high number tall claims and so much bs . They declared that we come out of IMF first country in history and pakistan is now giving loans to African countries back in 2005 . What we see it was not true . So magic was dissapeared with magician . Shoukat gone and data also went with him . Its not new for us pakistanis .bal did same just pump false data and show on sheets bd is almost rich country .
 
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VikingRaider

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BAL learn it from india . If you see india in real and india in data both are totally diffrent . Many bd members were not happy on my comments but i was thinking bd is doing what shoukat aziz did to pakistan high number tall claims and so much bs . They declared that we come out of IMF and pakistan is now ginig loans to african countries back in 2005 . What we see it was not true . So magic was dissapred with magician . Shoukat gone and data also went with him . Its not new for us pakistanis .bal did same just pump false data and show on sheets bd is almost rich country .
Agree. Well said. But BAL lackeys won't buy your statement. As now they are soooo desperate that they are trying to be more Christian than pope himself!

Unfortunately these online lackeys won't be judged by law of Bangladesh.

Later these people will change color when next govt will come.

@UKBengali already changed his color here many times. ( Pro China , pro west , annexation of Myanmar, anti India , bla bla bla ..... ! , Now he is pro India!

I hope he will be pro new govt and anti Hasina and again anti India when the govt will be ousted)

At least @EasyNow is more honest , because he is maintaining the same position ( BAL brat) from the beginning and his position( from the beginning) doesn't swing like @UKBengali the perfect pendulum!
 
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Bilal9

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Where is the churi in this thread except in your mind? What's this article got to do with AL cabinet members? You introduced churi into an open report that already provides counter opinions from the bgmea.

These are revenue figures, if you can disprove it than do it.

Every opinion you have circles round to corruption. Inflation according to you is corruption too I guess.

To see actual level of corruption in Bangladesh - you have to be involved in a higher level of confidence with govt. and cabinet folks.

Suffice it to say, I have access to some people at a higher level in the administration (secretary and above).

I don't often divulge this fact because of naysayers and detractors in this forum with clear agendas that don't agree with my narratives.

I was talking with an AL supporter business person recently who himself was astonished about the level of corruption, in the thousands of crores being stolen by EACH AL HIGH LEVEL PERSON and stashed in Swiss Banks. We will need another Wikileaks to prove this evidence. Swiss Banks have themselves admitted that Bangladeshis have some of the highest level of deposits in their banks.

If this is news to some from Bangladesh, then what can I say?
 
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