Business
RMG exports in FY23 almost $47bn, 85% of total exports
A total of $4.36bn RMG products were exported in June, against total exports of $5.05bn in the month, pushing the total export earnings for the sector in the just concluded 2022-23 fiscal to $46.99 billion - the highest in a single year.
RMG exports mainly comprise two categories - woven and knitwear. Among the exports, woven clothing fetched $ 1.90 billion and knit clothing worth $2.46 billion were exported in June, said Mohiuddin Rubel, director of BGMEA in a press release. The total for the 2022-23 fiscal comprised $21.25 billion for woven and $25.74 billion for knitwear.
Also read: Exports raked in $55.56bn in FY23, highest in history
The target for the fiscal was $46.80 billion, so RMG exports exceeded the target.
Data released by the Export Promotion Bureau (EPB) on Monday showed Bangladesh exported goods and services worth a record $55.56 billion in the 2022-23 fiscal. So the RMG sector's earnings amounted to 84.6 percent of the total.
Also read: RMG exports growth over 10% in first 11 months of FY2022-23
Exports raked in $55.56bn in FY23, highest in history
Bangladesh exported goods and services worth a record $55.56 billion in the just-concluded 2022-23 fiscal, an increase of 6.67 percent year-on-year even amid the global economic slowdown, the Export Promotion Bureau (EPB) revealed on Monday.
Exports increased by $3.47 billion or 6.67 percent in FY23 compared to FY22, when the export earnings were $52.28 billion.
Also read: Bangladesh earned $50.52 billion from exports in 11 months of FY23: EPB
The FY23 figure is the highest in the history of the country. However, the target for the fiscal year was $58 billion. Exports fell short of that target by 4.21 percent or $2.44 billion.
The EPB data showed that in June, goods worth $5.03 billion were exported. Compared to June last year, this export was 2.51 percent higher.
The country's economy has been under pressure due to the dollar crisis. And the main two sources of foreign exchange income are expatriate income remittances and the export of goods. Foreign exchange inflows from both sources fell slightly late last fiscal year due to the Russia-Ukraine war. But later it turned around again.
Also read: RMG exports growth over 10% in first 11 months of FY2022-23
In FY23, remittances received were $21.61 billion, which saw an increase of 3 percent compared to the previous FY22.
EPB data showed that exports of readymade garments, plastic products, and non-leather footwear have increased in the outgoing fiscal year.
On the other hand, exports of leather and leather products, jute and jute products, frozen food, agro-processed products, home textiles, and engineering products have declined.
According to EPB data, readymade garments exports were worth $46.99 billion in the just-ended fiscal year. This export is 10.27 percent more than last fiscal year FY22.
Also read: RMG exports reached $ 38.57bn during July-April of FY 2022-23
The second highest exports of leather and leather products after ready-made garments were $1.22 billion. In this case, the export decreased by 2 percent.
General inflation slides to 9.74 percent in June: BBS
The monthly inflation rate dropped slightly to 9.74 percent in June, a 0.2 percent decrease from the previous month.
The Bangladesh Bureau of Statistics (BBS) released this data on Monday. Bangladesh recorded an inflation rate of 9.94 percent in May, the highest in a decade.
According to the BBS, food inflation stood at 9.73 percent in June, an increase from 9.24 percent in May, while non-food inflation hit 9.6 percent, down from 9.96 percent in May.
Also read: PM Hasina orders measures to contain inflation
The rural general inflation dropped to 9.82 percent in June from 9.84 percent in May. The rural flood inflation increased to 9.95 percent in June from 9.32 percent in May.
Urban general inflation stood at 9.45 percent in June from 9.98 percent in May, while food inflation increased from (May) 9.13 percent to 9.26 percent in June.
Also read: Ex-governors optimistic MPS can claw back inflation, implementation the key
The inflation rate based on the consumer price index (CPI) reflects the average change over time in the prices of a specified set of final commodities and services representing the market basket of a given group of consumers.
The CPI release presents three groups of the population as national, urban, and rural. Modernization of the CPI Compilation by BBS from April 2023 is basically a paradigm shift of CPI compilation in Bangladesh following the latest 2020 CPI manual of the IMF.
Also read: Inflation decreased slightly to 9.24 percent in April: BBS
FBCCI Board of Directors' poll on July 31, candidates submitting nomination papers
The poll to elect the Board of Directors of the Federation of Chamber of Commerce and Industries (FBCCI) will be held on July 31.
On the polling day, the FBCCI members will cast votes in favor of their chosen candidate from 9 am to 4 pm. The names of elected directors will be announced on that day.
The election to the posts of FBCCI president, senior vice-president, and six vice-presidents will be held on August 2 by the vote of elected directors for the period of 2023-2025.
FBCCI-HSBC to work together to boost exports between Bangladesh-UK
The FBCCI election schedule was announced on May 11, 2023.
Mahbubur Alam has submitted his nomination papers as the panel leader for the 2023-25 term of the board of directors of the FBCCI. He is the President of the Chittagong Chamber of Commerce & Industry and former Vice President of FBCCI.
If Mahbubur Alam is elected as the panel leader, then he will be the next president of the FBCCI. He submitted nomination papers on Saturday (July 1) to the Chamber Bhaban in Motijheel on Saturday.
FBCCI and Faction sign MoU to boost research, innovation
The chairman of the Election Board A Matin Chowdhury accepted the nomination papers while election board members Shamsul Alam and KMN Manjurul Haque were present at that time.
FBCCI president Jasim Uddin, Senior Vice President Mostafa Azad Chowdhury Babu, Vice President MA Momen, Amin Helali, Habib Ullah Don, MA Razzak Khan Raj, Former Senior Vice President Md. Ali, former vice president Helal Uddin, BGMEA president Faruk Hassan and other senior leaders of different associations were present.
Policy support needed in budget for import-alternative industry in Bangladesh: FBCCI President tells ERF discussion
First methanol consignment to Bangladesh flagged off from India’s Assam
The first methanol consignment to Bangladesh has been flagged off from Assam Petrochemical Plant in India, Himanta Biswa Sarma, chief minister of Assam, confirmed in a tweet today.
“We are one step closer to establish Assam as a major exporter of petrochemicals,” he tweeted.
Also read: Fuel import from India through pipeline to start from 2023: PM
“Today, we flagged off the first methanol consignment to Bangladesh from Assam Petrochemical Plant, which was inaugurated by Hon PM in April '23,” his tweet also read.
“The govt of Assam is heavily investing in the petrochemical sector by increasing its stake in Numaligarh Refinery Limited, investing in new projects of Assam Petrochemicals Limited among others,” the chief minister said.
Also read: 25-member Bangladesh team starts 4-day visit to Assam
Indian Prime Minister Narendra Modi inaugurated the 500 TPD plant of APL on April 14, 2023 and the plant has started producing methanol.
Also read: Assam Chief Minister praises PM Hasina for stance against terror
The methanol produced is being transported to neighbouring countries including Bangladesh, Nepal and Bhutan, the minister’s post also read.
Offices, banks, insurance, and stock market open on Sunday
The holy Eid-ul-Azha four-day holiday and weekend ends today (Saturday).
Offices-court, banks-insurances, and stock markets will open tomorrow Sunday (July 2).
Eid-ul-Azha, one of the biggest festivals of Muslim Ummah, is celebrated across the country on Thursday with honour of sacrifice.
Earlier, the government decided to extend Eid holiday by one day to four days. As a result, there were four days off from June 27 to 30 (Tuesday, Wednesday, Thursday, and Friday) on the occasion of Eid. The next day is July 1 (Saturday) weekend.
Read: Banks to remain open on June 27, 28 in industrial areas
As a result, this year's Eid-ul-Azha holiday was five days. Bank insurance, office-court, stock market, and private institutions will open on Sunday.
However, workers of 71 factories out of 9915 industries and factories of the country did not get Eid-ul-Azha to leave.
Read: Bangladesh Bank asks banks to set up booths in cattle markets to detect fake notes
Among them, the number of factories belonging to BGMEA, BKMEA, BTMA, BEPZA, and Jute Mills is 12 and the number of small factories is 59, the industrial police unit confirmed this information.
Read more: All banks have gone bankrupt: Kazi Firoz Rashid
Green chilli still selling at Tk600 per kg
Green chillies are being sold at Tk600 per kg in the capital.
This was ascertained from visiting kitchen markets on Saturday, the third day of Eid-ul-Azha.
The retailers claimed that the supply of pepper has decreased due to rain and transport crisis due to the Eid journey. So the price is upward.
Read: Green Chilli import through Hili land port begins
Visiting Karwan Bazar Kitchen Market on Saturday, the UNB correspondent saw green chillies being sold at Tk600 per kg.
Rakib, a retailer of green chilli at Karwan Bazar, said that there is no scope to sell green chilli at a lower price, as he bought one palla (5 kg) of green chilli from wholesale at Tk 2500.So a kg of green chilli has to be sold at Tk600, otherwise he would face a loss.
Read: Bangladesh allows green chilli import as price keeps rising
When asked regarding the reason for such a price, he blamed short supply due to Eid. Cargo vehicles are not entering Dhaka from outside.
Besides, due to the rains, the fields of green chilli have been affected. Hence the higher price. After the Eid holiday, when everything resumes, maybe the price will decrease, Rakib said.
Read more: Floods push up green chilli prices in Dhaka kitchen markets
Efforts on to break syndicates behind essentials’ price hike :Commerce minister
Commerce Minister Tipu Munshi on Saturday said efforts are on to crack down the syndicates involved in raising prices of of essential commodities in the country.
He said this while talking to journalists at the opening ceremony of ‘District Young Launching’ of Rotary Club at Shaheed Abu Naser Specialized Hospital in Khulna on Saturday.
Read: Chilli price hike heats up Barishal markets
“We are trying so that no syndicate can work. Syndicates of traders are active for years, as a result it is taking time but we are trying.”
He also said the government has been providing one crore families with food at a low price and they have been trying to help people at level best.
Read: With Eid-ul-Azha approaching, Khulna cattle famers distraught over price hike of fodder
Khulna City Corporation newly elected Mayor Talukder Abdul Khaleque, Rotary Club District Governor Md Ashrafuzzaman Nannu and Zonal Event Chair SM Nazrul Islam, among others ,were present at the ceremony.
Read more: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi
US-Bangla to start Dhaka-Delhi direct flights from July end
US-Bangla Airlines is going to start direct flights to its 12th international destination, India's capital Delhi, from the last week of July.
Flights will run on the Dhaka-Delhi route four days a week -- Monday, Tuesday, Wednesday, and Friday -- to Delhi, one of the lucrative destinations in South Asia, said a press release.
Read: Nagad offers smart payment option at cattle markets
US-Bangla is about to fulfill the long-awaited expectations of Bangladeshi tourists and travellers who are interested in getting advanced medical care, and education in various universities in Delhi.
The decision to operate US-Bangla flights to Delhi, the capital of India, is set to further strengthen the ties between the two friendly countries, added the release.
Delhi will be US-Bangla's third direct route to India. Currently, it is operating flights on Kolkata and Chennai routes in India.
As part of future plans, US-Bangla Airlines is going to start operating flights with Boeing 737-800 aircraft to Delhi.
Read: Walton reports marked rise in sales of its fridges ahead of Eid-Ul-Azha
Currently, the US-Bangla fleet has a total of 19 aircraft, including 8 Boeing 737-800.
For the first time, two Airbus 330s are going to be added to the US-Bangla fleet by next August. With this, there is a plan to operate flights from Dhaka to Jeddah route this year.
Apart from Chennai, Kolkata, US-Bangla Airlines is currently operating flights to Dubai, one of the Middle East destinations, Sharjah, Muscat, Doha, Kuala Lumpur inhabited by expatriate Bangladeshis, Singapore, Male, one of the tourist-friendly destinations Bangkok and Guangzhou one of the commercial cities of China.
Sensing increased demand, traders hike prices of Eid essentials in Dhaka
In the last 48 hours leading up to Eid ul Azha, some unscrupulous traders in capital Dhaka have jacked up their asking price for essential Eid items that are certain to be in high demand during this period.
Visiting one of the capital's busiest markets in Malibagh, UNB found the prices of three such items - aromatic rice, the essential ingredient in pulao, vermicelli, which is used to make popular dessert shemai, as well as jwarda, and sugar, which is used in almost any at a higher price as the traders raised the price of these items ahead of Eid-ul-Azha.
Although there is no change in the prices of packaged products, traders have increased the prices of the products that are being sold in the open market.
Also read: Tipu Munshi under fire in Parliament for runaway prices of essentials
On Tuesday (June 27), aromatic rice was being sold at Tk 140 to Tk 160 per kg, while packaged aromatic rice (Chinigura) is being sold at Tk 170 per kg.
Similarly vermicelli was being sold at Tk 120-130 per kg on Tuesday in loose form. But just two days ago the same vermicelli was being sold at Tk 100-110 per kg. A different variety, laccha vermicelli, was sold at Tk 125-135 per kg on Tuesday, but this was only Tk 110-120 per kg two days ago. In packed form, a 200-gram packet of laccha is being sold at Tk 50, which is a much higher price per unit.
The price of sugar meanwhile remains sticky upwards, with unpacked or loose sugar being sold at Tk 140-150 per kg at Malibagh kitchen market.
Also read: Without monitoring, prices of daily essentials soar in Khulna kitchen markets
Some market-goers lamented they had not yet completed the purchase of their sacrificial cattle, for which they would be going back to the haats in the evening. Many consumers had come to the market braving the afternoon drizzle to complete their kitchen-market purchases. The somewhat sudden hike in the prices of some items left them disappointed.
“I am surprised to see the asking price for most of the essential items jumped by Tk 20 to 30 per kg,” said one such consumer, Abdul Alim, a service-holder by profession. But the traders vigorously defended their move.
Also read: With higher spice prices, consumers feeling the pinch this Eid-ul-Azha
Farooq Hasan, who runs the Haji Farooq General Store in Malibagh market, said their asking price simply reflects that prices have gone up across the board.
“The price of everything is high, so we have to sell at higher prices," said Farooq in a matter-of-fact way.
“Yes I am selling aromatic rice at upto Tk 160 per kg - whoever wants to can buy it. I am not forcing anyone. I am here to make a profit, not a loss,” Farook added.
Shahin Howladar, a businessman of Barisal General Store in the same market, said that he is selling open sugar at Tk 140 to Tk 145 a kg, and good quality sugar for Tk 150 per kg.
Also read: Spice prices soar in Faridpur ahead of Eid-ul-Azha
Meanwhile, broiler chicken is still being sold in the capital at Tk 190 to Tk 200 per kg. Sonali Coke is being sold at Tk 300 to Tk 310 per kg. Domestic indigenous chicken is being sold at Tk600 to 650 per kg.
According to the information of Trading Corporation of Bangladesh (TCB), the state-owned market price regulator, broiler chickens are being sold at Tk 160 to Tk 170 on Tuesday. Sugar is being sold at Tk130 to 140.
Among powdered milk, 1 kg Dano, Diploma, and Fresh milk are being sold at Tk 840 per kg and Marks milk is selling at Tk 830 per kg.