Data generators to coordinate for accurate export data statistics

Staff Reporter :
Amid ongoing criticism for anomalies in export statistics, the Export Promotion Bureau (EPB) is set to introduce a central data server aimed at preventing mismatches in export figures.

The initiative follows revelations of significant disparities in export data, highlighted when Bangladesh Bank adjusted figures, reducing reported exports by nearly $14 billion for the July-April period of fiscal 2023-24 compared to EPB’s initial data.

Initially reported as $47.47 billion by EPB, the corrected figures from Bangladesh Bank lowered this to $33.67 billion. This discrepancy has prompted delays in releasing June’s export data, typically released within the first three days of each month, due to the shock caused by these adjustments.

Criticism from exporters has intensified, with some alleging a conspiracy to reduce their benefits. In response, EPB convened a meeting with representatives from the National Board of Revenue (NBR) and Bangladesh Bank, focusing on implementing a central data server and ensuring uniform currency rates provided by Bangladesh Bank. Regular data updates and enhanced cooperation between EPB, Bangladesh Bank, and NBR were also emphasized as crucial measures to prevent future discrepancies.

The EPB compiles export figures based on NBR shipment data but has faced challenges such as multiple counting of goods and insufficient coordination among involved agencies. The central bank identified errors ranging from serial duplications to valuation mistakes, attributing persisting disparities in export figures over the past 12 years to these issues.