Staff Reporter :
The release of export data for June has been delayed as Bangladesh Bank (BB) and the Export Promotion Bureau (EPB) work to correct significant data mismatches.
“It will be late this time because correction of data is going on, and it is not possible to say exactly when the export data can be released,” said a senior official of the EPB, requesting anonymity.
Typically, the EPB releases monthly export data by the second or third day of the following month. However, the publication of June’s export figures has been postponed after discrepancies were found between the data reported by BB and EPB. From July to May of the last fiscal year, BB reported exports amounting to $40.73 billion, while EPB reported $51.54 billion for the same period, revealing a gap of approximately $10.81 billion.
This significant discrepancy has raised concerns about the accuracy of various financial data within the country’s financial sector.
As a result, Bangladesh Bank, the National Board of Revenue (NBR), and EPB have been tasked with identifying the root cause of these substantial discrepancies within the next three months.
Bangladesh Bank has held the NBR and EPB accountable for discrepancies in the export account, noting a $23 billion gap over 20 months of two financial years. The central bank’s investigation found multiple causes for the data mismatches: Export data and HS codes were inputted multiple times.
In cutting, making, and trimming, only the manufacturing charges should be paid, but EPB accounted for all parts, including the fabric.
EPB sometimes included the price of sample products, which should not be considered.
Sales by companies inside the Export Processing Zones (EPZs) were counted twice—first during shipment from EPZs to local firms and again during shipment from the ports by exporters.
Losses due to stocklots, discounts, and commissions were not adjusted by EPB.
There were multiple entries, equivalent to 20 percent of the total dataset, raising concerns about potential money laundering activities facilitated through export channels.
On Monday, during a meeting, the state minister for commerce clarified to the central bank governor that EPB itself does not generate export data but collects it from NBR.
Despite the identified discrepancies, the minister emphasized that there is no failure on the part of EPB or the Ministry of Commerce.
