Trade deficit dips to $635m in July

Business Desk :
Bangladesh’s trade deficit in July, the first month of the current 2023-24 fiscal year, dipped by 69.73 per cent to 635 million US dollars year on year, according to the latest data from the central bank.
The Bangladesh Bank data revealed that the country’s import payment was $4,991 million in July, down 14.92 per cent, while earnings from exports stood at $4,356 million, up 15.61 per cent, during the same period.
The data showed the gap between Bangladesh’s export earnings and import payments in the first month of the previous 2022-23 fiscal year (July 2022-June 2023) was 2,098 million dollars, reports Xinhua.
Bangladesh’s trade deficit in the last 2022-23 fiscal year dipped by 48.41 per cent to $17.16 billion year on year amid shrinking forex reserves-depressed imports.
In its bid to boost the country’s shrinking forex reserves, which eroded to $29.23 billion at the end of the last month, the bank has taken various measures to discourage imports.