Bangladesh Economy: News & Updates
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Hammer-fist
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There are some British Bangladeshis (Sylhetis) from a normal background who have become billionaires through selling prawns.
The Iqbal brothers.
Riasat, start selling those shrimps brother!!
ShadowFaux
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There are some British Bangladeshis (Sylhetis) from a normal background who have become billionaires through selling prawns.
The Iqbal brothers.
Riasat, start selling those shrimps brother!!
Lets start a joint-venture.
Anubis
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There are some British Bangladeshis (Sylhetis) from a normal background who have become billionaires through selling prawns.
The Iqbal brothers.
Riasat, start selling those shrimps brother!!
Bangladeshis usually sell halal meat here in Atlanta....I might take your business advice.
scholseys
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THIS IS ALL PROPAGANDA, US AND EU ARE ON THE VERGE OF CANCELLING GSP FACILITIES OF BANGLADESH
DHAKA--The U.S. is considering dropping Bangladesh from a list of developing countries that receive preferential trade access in the wake of a garment factory fire in November that killed 112 people, exposing the nation's poor working conditions.
An official at the U.S. Trade Representative's office said it would decide by the spring whether to withdraw, suspend or limit Bangladesh's duty-free benefits under the Generalized System of Preferences, a World Trade Organization arrangement that allows for special treatment of the world's poorest countries.
"Even before the November 24 fire at the Tazreen garment factory, the administration had reached the conclusion that too little had been done to address worker rights concerns in Bangladesh," the U.S. trade official said. "The fire has only intensified our concerns."
The fire at Tazreen Fashions Ltd. has drawn attention to workers' complaints about poor pay and lax safety standards in Bangladesh's garment industry, which has ramped up production to become the second-largest supplier after China.
The fire also exposed limitations in foreign brands' attempts to ensure their clothes are only made in factories that pass rigorous inspections by third parties. Tazreen was producing clothes for Wal-Mart Stores Inc., WMT -2.15% Sears Holdings SHLD -2.33% and others, despite failing fire-safety audits. Both Wal-Mart and Sears said clothes were being made at the factory without authorization and fired suppliers that had placed those orders.
The revocation of duty-free access to the U.S. won't hobble Bangladesh's economy overnight as Washington already excludes garment exports from the list of goods it allows in duty-free. Imports from Bangladesh under the program in 2011 totaled only $26 million, including sports equipment, kitchen appliances, and plastic products.
But a decision by the U.S. to scale back benefits could heighten pressure on foreign brands to continue to reduce orders from Bangladesh factories. Some companies already have done so: Nike Inc. NKE +0.60% says only eight of the 896 factories it worked with globally in 2011 were in Bangladesh.
Bangladesh also will be keen to ensure the European Union doesn't consider similar moves to those the U.S. is mulling. The E.U., which purchases two-thirds of Bangladesh's $19 billion annual apparel exports, does allow duty-free garment imports. The U.S. buys about a quarter of Bangladeshi apparel exports.
Those involved in the industry, which accounts for 80% of total exports and employs 3 million people, are pushing back against the U.S.'s potential revocation of duty-free access.
Mahbub Ahmed, the top official in the nation's Commerce Ministry, said the government is preparing a document highlighting progress made in labor rights and working conditions to try to sway the U.S. trade representative.
"We want to make clear the progress we have made in implementing workers' rights in all our export industries, including garments, in the last two decades," said Mr. Ahmed. "Working conditions in Bangladesh will not become the same as the West overnight. But we're making progress: We've eliminated child labor and many of our newer factories are world class."
The country's clothing industry has boomed in recent years, in large part due to a minimum wage of $37, significantly lower than China's. But there's been instability, too, as workers last year went on strike for better pay and conditions.
Factory owners responded by locking the workers out for days at a stretch. Police have also arrested scores of protesters. Local news reports of the death of a garment-worker activist, Aminul Islam, who was discovered in April with signs of torture on his corpse, have added to the tense atmosphere.
During a visit to Dhaka last year, U.S. Secretary of State Hillary Clinton urged the government to conduct an independent investigation into Mr. Aminul's killing, saying failure to do so would send the wrong signal to foreign clothes companies. Such a probe hasn't happened and Bangladesh police have failed to arrest anyone for his murder.
Mr. Ahmed said U.S. Trade Representative Ron Kirk wrote Bangladesh's Commerce Ministry last month seeking rapid progress on several key issues, including labor rights in the garment and shrimp industries, improved fire safety, and better conditions in special export zones. The U.S. trade representative's office declined comment.
The move by Mr. Kirk came after 12 members of U.S. Congress wrote the U.S. trade representative's office last month, complaining about lack of progress on labor reform. The AFL-CIO, the U.S.'s largest federation of unions, also has called for a review of Bangladesh's duty-free access.
Some Bangladeshi observers said it would be counter-productive to punish the country, which has improved labor conditions in recent years.
Ahsan Mansur, an executive director of the Policy Research Institute, a Dhaka-based think tank, said the garment industry offered higher labor standards than those prevalent in other industries like jute production.
"Taken in the overall context of rural poverty, which is less visible to western observers, it is a significant improvement," he said.
In a 2011 study by McKinsey & Co., 93% of U.S. and European suppliers surveyed said labor standards in the Bangladeshi garment industry had improved over the previous five years. However, they reported large differences between factories.
U.S. Mulls Ending Bangladesh Duty-Free Access - WSJ.com
HERE IS THE WSJ POSTING IT. AND DIPU MONI RUNNING TO THE US, STOP THIS.
K Street alert! Bangladesh wants you
By Al Kamen
Bahraini Foreign Minister Sheikh Khaled bin Ahmed al-Khalifa (R) and his Bangladeshi counterpart Dipu Moni in Tehran in August. (Behrouz Mehri - AFP/Getty Images) How does a foreign country get trade preferences from Washington? It hires a lobbyist, of course.
That’s what Bangladesh officials concluded after meeting with a congressional delegation last month.
Bangladesh foreign minister Dipu Moni, briefing reporters after a visit by a delegation led by Rep. Jack Kingston (R-Ga.), said the group told her that Bangladesh should get duty and quota-free access to U.S. markets, the Financial Express newspaper said.
She said the delegation advised her that countries that have lobbyists get better results.
That proposition may or may not be true, but that’s not exactly what the delegation said, Kingston spokesman Chris Crawford said after checking with Kingston.
“The L word was never mentioned,” Crawford told us, “and “certainly no particular firm was mentioned.”
The point the delegation was making, Crawford said, was that most Americans “don’t know about this country,” even though “Bangladesh is the eighth largest country in the world” in terms of population and the fourth largest Muslim country.
There “was a discussion of the need for Bangladesh to present its case,” Crawford said, much as India and Israel (other stops on the trip) do, using its embassy and expats living in United States.
Others on the delegation, which arrived in Dhaka on Jan. 26, included GOP Reps. Ed Whitfield (Ky.), Scott Tipton (Colo.) and Adam Schiff (Calif.).
But the foreign minister told reporters after the meeting that “we must consider appointing a lobbyist firm as many countries have such firms in the U.S. to look after the overall business interests.”
K Street alert! Bangladesh wants you - In the Loop - The Washington Post
WASHINGTON POST AND WALL STREET JOURNAL BOTH REPORTING THIS. IT SEEMS AWAMI LEAGUE IS FEARING A REVOLT FROM THE WORKERS, THAT IS WHY SHEIKH HASINA LABELLED THE TAZREEN FIRE A 'CONSPIRACY'
DHAKA--The U.S. is considering dropping Bangladesh from a list of developing countries that receive preferential trade access in the wake of a garment factory fire in November that killed 112 people, exposing the nation's poor working conditions.
An official at the U.S. Trade Representative's office said it would decide by the spring whether to withdraw, suspend or limit Bangladesh's duty-free benefits under the Generalized System of Preferences, a World Trade Organization arrangement that allows for special treatment of the world's poorest countries.
"Even before the November 24 fire at the Tazreen garment factory, the administration had reached the conclusion that too little had been done to address worker rights concerns in Bangladesh," the U.S. trade official said. "The fire has only intensified our concerns."
The fire at Tazreen Fashions Ltd. has drawn attention to workers' complaints about poor pay and lax safety standards in Bangladesh's garment industry, which has ramped up production to become the second-largest supplier after China.
The fire also exposed limitations in foreign brands' attempts to ensure their clothes are only made in factories that pass rigorous inspections by third parties. Tazreen was producing clothes for Wal-Mart Stores Inc., WMT -2.15% Sears Holdings SHLD -2.33% and others, despite failing fire-safety audits. Both Wal-Mart and Sears said clothes were being made at the factory without authorization and fired suppliers that had placed those orders.
The revocation of duty-free access to the U.S. won't hobble Bangladesh's economy overnight as Washington already excludes garment exports from the list of goods it allows in duty-free. Imports from Bangladesh under the program in 2011 totaled only $26 million, including sports equipment, kitchen appliances, and plastic products.
But a decision by the U.S. to scale back benefits could heighten pressure on foreign brands to continue to reduce orders from Bangladesh factories. Some companies already have done so: Nike Inc. NKE +0.60% says only eight of the 896 factories it worked with globally in 2011 were in Bangladesh.
Bangladesh also will be keen to ensure the European Union doesn't consider similar moves to those the U.S. is mulling. The E.U., which purchases two-thirds of Bangladesh's $19 billion annual apparel exports, does allow duty-free garment imports. The U.S. buys about a quarter of Bangladeshi apparel exports.
Those involved in the industry, which accounts for 80% of total exports and employs 3 million people, are pushing back against the U.S.'s potential revocation of duty-free access.
Mahbub Ahmed, the top official in the nation's Commerce Ministry, said the government is preparing a document highlighting progress made in labor rights and working conditions to try to sway the U.S. trade representative.
"We want to make clear the progress we have made in implementing workers' rights in all our export industries, including garments, in the last two decades," said Mr. Ahmed. "Working conditions in Bangladesh will not become the same as the West overnight. But we're making progress: We've eliminated child labor and many of our newer factories are world class."
The country's clothing industry has boomed in recent years, in large part due to a minimum wage of $37, significantly lower than China's. But there's been instability, too, as workers last year went on strike for better pay and conditions.
Factory owners responded by locking the workers out for days at a stretch. Police have also arrested scores of protesters. Local news reports of the death of a garment-worker activist, Aminul Islam, who was discovered in April with signs of torture on his corpse, have added to the tense atmosphere.
During a visit to Dhaka last year, U.S. Secretary of State Hillary Clinton urged the government to conduct an independent investigation into Mr. Aminul's killing, saying failure to do so would send the wrong signal to foreign clothes companies. Such a probe hasn't happened and Bangladesh police have failed to arrest anyone for his murder.
Mr. Ahmed said U.S. Trade Representative Ron Kirk wrote Bangladesh's Commerce Ministry last month seeking rapid progress on several key issues, including labor rights in the garment and shrimp industries, improved fire safety, and better conditions in special export zones. The U.S. trade representative's office declined comment.
The move by Mr. Kirk came after 12 members of U.S. Congress wrote the U.S. trade representative's office last month, complaining about lack of progress on labor reform. The AFL-CIO, the U.S.'s largest federation of unions, also has called for a review of Bangladesh's duty-free access.
Some Bangladeshi observers said it would be counter-productive to punish the country, which has improved labor conditions in recent years.
Ahsan Mansur, an executive director of the Policy Research Institute, a Dhaka-based think tank, said the garment industry offered higher labor standards than those prevalent in other industries like jute production.
"Taken in the overall context of rural poverty, which is less visible to western observers, it is a significant improvement," he said.
In a 2011 study by McKinsey & Co., 93% of U.S. and European suppliers surveyed said labor standards in the Bangladeshi garment industry had improved over the previous five years. However, they reported large differences between factories.
U.S. Mulls Ending Bangladesh Duty-Free Access - WSJ.com
HERE IS THE WSJ POSTING IT. AND DIPU MONI RUNNING TO THE US, STOP THIS.
K Street alert! Bangladesh wants you
By Al Kamen
Bahraini Foreign Minister Sheikh Khaled bin Ahmed al-Khalifa (R) and his Bangladeshi counterpart Dipu Moni in Tehran in August. (Behrouz Mehri - AFP/Getty Images) How does a foreign country get trade preferences from Washington? It hires a lobbyist, of course.
That’s what Bangladesh officials concluded after meeting with a congressional delegation last month.
Bangladesh foreign minister Dipu Moni, briefing reporters after a visit by a delegation led by Rep. Jack Kingston (R-Ga.), said the group told her that Bangladesh should get duty and quota-free access to U.S. markets, the Financial Express newspaper said.
She said the delegation advised her that countries that have lobbyists get better results.
That proposition may or may not be true, but that’s not exactly what the delegation said, Kingston spokesman Chris Crawford said after checking with Kingston.
“The L word was never mentioned,” Crawford told us, “and “certainly no particular firm was mentioned.”
The point the delegation was making, Crawford said, was that most Americans “don’t know about this country,” even though “Bangladesh is the eighth largest country in the world” in terms of population and the fourth largest Muslim country.
There “was a discussion of the need for Bangladesh to present its case,” Crawford said, much as India and Israel (other stops on the trip) do, using its embassy and expats living in United States.
Others on the delegation, which arrived in Dhaka on Jan. 26, included GOP Reps. Ed Whitfield (Ky.), Scott Tipton (Colo.) and Adam Schiff (Calif.).
But the foreign minister told reporters after the meeting that “we must consider appointing a lobbyist firm as many countries have such firms in the U.S. to look after the overall business interests.”
K Street alert! Bangladesh wants you - In the Loop - The Washington Post
WASHINGTON POST AND WALL STREET JOURNAL BOTH REPORTING THIS. IT SEEMS AWAMI LEAGUE IS FEARING A REVOLT FROM THE WORKERS, THAT IS WHY SHEIKH HASINA LABELLED THE TAZREEN FIRE A 'CONSPIRACY'
Anubis
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MINSK, 27 February (BelTA) Belarus and Bangladesh are considering the possibility of manufacturing dairy products together using Belarusian raw materials in Bangladesh. The information was released by Mr Vasily Kazakevich, Deputy Agriculture and Food Minister of Belarus, on 27 February, BelTA has learned.
Vasily Kazakevich remarked that after the visit of the Belarus government delegation led by Prime Minister Mr Mikhail Myasnikovich to Bangladesh avenues of cooperation with Bangladesh have been determined and measures have been worked out. One of them involves cooperation in agriculture.
Setting up a joint venture to manufacture dairy products using Belarusian raw materials in Bangladesh has already been discussed with the large dairy company Milk Vita. The company accounts for about 70% of Bangladeshs dairy products output. We asked to find partners for us, businessmen, who could participate in such a project, said Vasily Kazakevich. Meetings with potential partners have been held. After returning we have set up a working group in the Agriculture and Food Ministry, has chosen Minsk Oblast for cooperation with Bangladesh, in particular, Slutsk Cheese Factory.
In January 2013 the working group visited Bangladesh. Negotiations with interested business bodies to discuss the establishment of the joint venture were held. Interaction with the Bangladeshi side in the area of animal breeding was discussed, Belarus assistance in setting up a veterinary medicine lab was offered. The Belarusian side presented designs of dairy farms and modular milk-processing factories, and expressed readiness to render technical aid and outfit the farms with Belarusian equipment.
In February potential partners from Bangladesh came to Belarus, including the director of the company Fialka Ltd. The establishment of a joint enterprise was discussed with them as well. Vasily Kazakevich added that Fialka Company Director Mr Ashiq Imran had studied in Belarus and therefore the sides were able to come to terms easily. The delegation visited the Meat and Dairy Industry Institute, the Slutsk cheese factory, and dairy factory No. 1 in Minsk. After the meeting a protocol was signed to reflect the main arrangements and avenues of cooperation. The sides agreed to send a container loaded with Belarusian dairy products to Bangladesh in order to study the demand for the products and preferences of the partners.
A Bangladesh delegation is expected to visit Belarus in March. There are plans to continue discussing the establishment of a joint milk-processing enterprise.
Speaking about the overall importance of the Asian market, Vasily Kazakevich remarked that Vietnams looked attractive. The Prime Minister of Belarus has issued an instruction to implement projects with this country. A partner is being sought in Vietnam to set up a joint venture, with 500kg of Belarusian milk powder shipped already. The Belarusian raw material was examined in a lab in Vietnam, a dairy factory used it to make dairy products such as yogurts and sterilized milk. The products were examined and proved their high quality. The Vietnamese side showed its interest in the merchandise. Belarus now waits for Vietnamese experts to arrive in April to discuss the establishment of a joint venture.
The legal base for Belarus-Bangladesh relations has been created. In May 2012 a memorandum of understanding was signed by the Belarusian Agriculture and Food Ministry and the Agriculture Ministry of Bangladesh to stipulate cooperation in agriculture and food. The memorandum creates the necessary legal framework for cooperation between the agrarian ministries of the two countries, for establishing and promoting business ties, creating new distribution chain entities of the Belarusian Agriculture and Food Ministry. In November 2012 a memorandum of understanding was signed by the governments of Belarus and Bangladesh in the area of quality and safety guarantees for water-based biological resources, aquaculture objects and derived products imported from Bangladesh. In particular, the document guarantees that the required quality standards of biological water resources and seafood will be observed.
Belarus, Bangladesh considering joint dairy products manufacturing - Economy / News / Belarus News | Belarusian news | Belarus today | news in Belarus | Minsk news | BELTA - Belarus News | Belarusian news | Belarus today | news in Belarus | Minsk new
Vasily Kazakevich remarked that after the visit of the Belarus government delegation led by Prime Minister Mr Mikhail Myasnikovich to Bangladesh avenues of cooperation with Bangladesh have been determined and measures have been worked out. One of them involves cooperation in agriculture.
Setting up a joint venture to manufacture dairy products using Belarusian raw materials in Bangladesh has already been discussed with the large dairy company Milk Vita. The company accounts for about 70% of Bangladeshs dairy products output. We asked to find partners for us, businessmen, who could participate in such a project, said Vasily Kazakevich. Meetings with potential partners have been held. After returning we have set up a working group in the Agriculture and Food Ministry, has chosen Minsk Oblast for cooperation with Bangladesh, in particular, Slutsk Cheese Factory.
In January 2013 the working group visited Bangladesh. Negotiations with interested business bodies to discuss the establishment of the joint venture were held. Interaction with the Bangladeshi side in the area of animal breeding was discussed, Belarus assistance in setting up a veterinary medicine lab was offered. The Belarusian side presented designs of dairy farms and modular milk-processing factories, and expressed readiness to render technical aid and outfit the farms with Belarusian equipment.
In February potential partners from Bangladesh came to Belarus, including the director of the company Fialka Ltd. The establishment of a joint enterprise was discussed with them as well. Vasily Kazakevich added that Fialka Company Director Mr Ashiq Imran had studied in Belarus and therefore the sides were able to come to terms easily. The delegation visited the Meat and Dairy Industry Institute, the Slutsk cheese factory, and dairy factory No. 1 in Minsk. After the meeting a protocol was signed to reflect the main arrangements and avenues of cooperation. The sides agreed to send a container loaded with Belarusian dairy products to Bangladesh in order to study the demand for the products and preferences of the partners.
A Bangladesh delegation is expected to visit Belarus in March. There are plans to continue discussing the establishment of a joint milk-processing enterprise.
Speaking about the overall importance of the Asian market, Vasily Kazakevich remarked that Vietnams looked attractive. The Prime Minister of Belarus has issued an instruction to implement projects with this country. A partner is being sought in Vietnam to set up a joint venture, with 500kg of Belarusian milk powder shipped already. The Belarusian raw material was examined in a lab in Vietnam, a dairy factory used it to make dairy products such as yogurts and sterilized milk. The products were examined and proved their high quality. The Vietnamese side showed its interest in the merchandise. Belarus now waits for Vietnamese experts to arrive in April to discuss the establishment of a joint venture.
The legal base for Belarus-Bangladesh relations has been created. In May 2012 a memorandum of understanding was signed by the Belarusian Agriculture and Food Ministry and the Agriculture Ministry of Bangladesh to stipulate cooperation in agriculture and food. The memorandum creates the necessary legal framework for cooperation between the agrarian ministries of the two countries, for establishing and promoting business ties, creating new distribution chain entities of the Belarusian Agriculture and Food Ministry. In November 2012 a memorandum of understanding was signed by the governments of Belarus and Bangladesh in the area of quality and safety guarantees for water-based biological resources, aquaculture objects and derived products imported from Bangladesh. In particular, the document guarantees that the required quality standards of biological water resources and seafood will be observed.
Belarus, Bangladesh considering joint dairy products manufacturing - Economy / News / Belarus News | Belarusian news | Belarus today | news in Belarus | Minsk news | BELTA - Belarus News | Belarusian news | Belarus today | news in Belarus | Minsk new
KRAIT
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Good news.
@RiasatKhan Ask the mods to make a sticky thread on Bangladesh's economy. It will be handy to have the development at one place.
@RiasatKhan Ask the mods to make a sticky thread on Bangladesh's economy. It will be handy to have the development at one place.
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Anubis
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There's one http://www.defence.pk/forums/bangladesh-defence/10487-bangladesh-economy-news-updates.html Should we just move it there??
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KRAIT
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Yup. That will be good. PM any mod.
BDforever
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Appreciation of Bangladesh Taka (BDT) against the US dollar has been hitting hard the country's exporters.
It has severely eroded the profitability of the country's exporters, according to major industry players.
They said, exporters are losing around Tk 3.2 billion a month following the appreciation of BDT by more than 1.0 per cent only in the last couple of months, ending on February 28.
The estimate has been done by assuming 40 per cent retention of export earnings on an average of the monthly total shipment of 2.0 billion US dollars.
The Taka appreciated by 2.57 per cent against the US dollar in the calendar year 2012, which, according to analysts, was due to lower import payments and higher growth of inward remittance.
Bangladesh has been adopting a floating regime since 2003. The central bank intervenes in foreign exchange market in order to effect the short-run value of its currency.
The leading exporters said, this loss is much bigger for those who add large value to export items.
Md Arshad Ullah, finance director at the Sunman, a company having around $170 million export revenue, said: "We're losing Tk 25 million each month due to appreciation of the local currency." He said: "Everything is okay.. production and orders .. but at the end of each month, we're not getting that amount."
Arshad said, if this trend continues, the local items will lose competitiveness with Pakistan, Vietnam and other competing countries.
Md Kamal Uddin, chairman of another leading garment manufacturers --- Clifton --- said: "This loss is hurting our profitability to a great extent."
Kamal said, this is happening at a time when our country has entered a confrontational politics. He said: "The confrontational politics is also taking its toll."
Anwar Alam Chowdhury Parvez, managing director of Evince Group, said, his main export item is woven garment. He regretted that retention from this variety of RMG products usually did not cross 20 per cent.
"I'm losing Tk 800,000 against my monthly export of US$1.0 million," Parvez added.
But frozen food, jute and fresh vegetable exporters are losing their profitability more as they add nearly 100 per cent value.
Golam Mostafa, managing director of Coastal Seafood, a leading frozen food exporter, said: "I've now a stock of fish worth $2.0 million meaning that I've already lost Tk 8.0 million."
Mostafa said, this is hitting the exporters, who add 100 per cent value, hard. He said, "We've no imported raw materials to process fishes, so I cannot get any benefit from it."
Appreciation of local currency has made import prices lower.
Mostafa, who headed the Bangladesh Frozen Food Exporters Association, said, in such circumstances, incentives are given to the export-oriented companies in many countries.
Jamal Uddin Sikder, general secretary of Bangladesh Betel Leaf Exporters Association, said: "Many of our members feel like leaving the business as the farmers are not reducing prices of their products."
He said, betel leaf's profitability is very minimum and only currency depreciation gives them a good incentive.
source: Strong taka takes a toll on exporters :: Financial Express :: Financial Newspaper of Bangladesh
It has severely eroded the profitability of the country's exporters, according to major industry players.
They said, exporters are losing around Tk 3.2 billion a month following the appreciation of BDT by more than 1.0 per cent only in the last couple of months, ending on February 28.
The estimate has been done by assuming 40 per cent retention of export earnings on an average of the monthly total shipment of 2.0 billion US dollars.
The Taka appreciated by 2.57 per cent against the US dollar in the calendar year 2012, which, according to analysts, was due to lower import payments and higher growth of inward remittance.
Bangladesh has been adopting a floating regime since 2003. The central bank intervenes in foreign exchange market in order to effect the short-run value of its currency.
The leading exporters said, this loss is much bigger for those who add large value to export items.
Md Arshad Ullah, finance director at the Sunman, a company having around $170 million export revenue, said: "We're losing Tk 25 million each month due to appreciation of the local currency." He said: "Everything is okay.. production and orders .. but at the end of each month, we're not getting that amount."
Arshad said, if this trend continues, the local items will lose competitiveness with Pakistan, Vietnam and other competing countries.
Md Kamal Uddin, chairman of another leading garment manufacturers --- Clifton --- said: "This loss is hurting our profitability to a great extent."
Kamal said, this is happening at a time when our country has entered a confrontational politics. He said: "The confrontational politics is also taking its toll."
Anwar Alam Chowdhury Parvez, managing director of Evince Group, said, his main export item is woven garment. He regretted that retention from this variety of RMG products usually did not cross 20 per cent.
"I'm losing Tk 800,000 against my monthly export of US$1.0 million," Parvez added.
But frozen food, jute and fresh vegetable exporters are losing their profitability more as they add nearly 100 per cent value.
Golam Mostafa, managing director of Coastal Seafood, a leading frozen food exporter, said: "I've now a stock of fish worth $2.0 million meaning that I've already lost Tk 8.0 million."
Mostafa said, this is hitting the exporters, who add 100 per cent value, hard. He said, "We've no imported raw materials to process fishes, so I cannot get any benefit from it."
Appreciation of local currency has made import prices lower.
Mostafa, who headed the Bangladesh Frozen Food Exporters Association, said, in such circumstances, incentives are given to the export-oriented companies in many countries.
Jamal Uddin Sikder, general secretary of Bangladesh Betel Leaf Exporters Association, said: "Many of our members feel like leaving the business as the farmers are not reducing prices of their products."
He said, betel leaf's profitability is very minimum and only currency depreciation gives them a good incentive.
source: Strong taka takes a toll on exporters :: Financial Express :: Financial Newspaper of Bangladesh
Forex reserve tops $14bn
Abdur Rahim Harmachi, bdnews24.com
Published: 2013-03-05 12:44:06.0 Updated: 2013-03-05 12:45:07.0
Bangladesh Bank’s foreign exchange reserve has crossed $14-billion mark for the first time.
Central bank Governor Atiur Rahman expressed hope that import costs for the next five months would be met with the present reserves.
The reserves stood at $14.1 billion Tuesday.
Abdur Rahim Harmachi, bdnews24.com
Published: 2013-03-05 12:44:06.0 Updated: 2013-03-05 12:45:07.0
Bangladesh Bank’s foreign exchange reserve has crossed $14-billion mark for the first time.
Central bank Governor Atiur Rahman expressed hope that import costs for the next five months would be met with the present reserves.
The reserves stood at $14.1 billion Tuesday.
Forex reserve tops $14bn - bdnews24.com
Forex reserve tops $14bnAbdur Rahim Harmachi, bdnews24.com
Published: 05 March 2013 06:44 PM Updated: 05 March 2013 06:45 PM
Bangladesh Banks foreign exchange reserve has crossed $14-billion mark for the first time.
Central bank Governor Atiur Rahman expressed hope that import costs for the next five months would be met with the present reserves.
The reserves stood at $14.1 billion Tuesday.
==================================================================
It is great. This is the first time in the history that the foreign exchange reserves of Bangladesh have crossed $14 billion mark. When the expatriate people of Bangladesh are working hard in the no-thanks jobs throughout the world and saving that money to feed their familoies in BD, the govt is playing politics to get rid of its opposition groups. I wonder, what is there in the brainless heads of the Awami people. Why they are taking the country to the brink of a civil war, in which AL will be the only loser.
Forex reserve tops $14bnAbdur Rahim Harmachi, bdnews24.com
Published: 05 March 2013 06:44 PM Updated: 05 March 2013 06:45 PM
Bangladesh Banks foreign exchange reserve has crossed $14-billion mark for the first time.
Central bank Governor Atiur Rahman expressed hope that import costs for the next five months would be met with the present reserves.
The reserves stood at $14.1 billion Tuesday.
==================================================================
It is great. This is the first time in the history that the foreign exchange reserves of Bangladesh have crossed $14 billion mark. When the expatriate people of Bangladesh are working hard in the no-thanks jobs throughout the world and saving that money to feed their familoies in BD, the govt is playing politics to get rid of its opposition groups. I wonder, what is there in the brainless heads of the Awami people. Why they are taking the country to the brink of a civil war, in which AL will be the only loser.
