Prime Minister and Awami League chief Sheikh Hasina today (January 14, 2023) firmly reiterated that her party always fulfills pledges made to the nation ahead of national elections. “Before every election, Awami League places its election pledges, and Awami League always fulfills its election pledges,” she said. The Prime Minister said this while delivering her introductory speech at the joint meeting of the AL Working Committee, National Committee and Advisory Council at her official residence Ganabhaban. She said that the government is working for the country and its people as per its election pledges.  Also Read: Foreign observers are welcome during next general election: PM Hasina tells British MPs “We work for the welfare of the nation and people are benefiting from the results,” she said. Coming down heavily on a section who “always criticizes the government unnecessarily”, she said that the development of the country does not make them happy.  Regarding corruption, she referred to her recent speech at the Parliament — asking to give her specific information on where the corruption is happening. “Give me information, and I will take action. This won’t just be lip service,” she said. Also Read: AL is party of people, no force can dislodge it from power: PM Hasina Sheikh Hasina said that the discussion on corruption is coming from those who are corrupt and turned Bangladesh into “a champion in corruption” during their regime. “Or doing microcredit business to overburden people with high interests against their loans — forcing them to leave their houses or commit suicide,” she said. She mentioned that through the ‘My House My Farm’, people won’t need to take loans from the microcredit lenders with high interest rates. Briefly describing the development activities of the government, she said, “Through developing every sector of the country, we have been able to reduce the poverty rate and generate employment.” Read More: Matia Chowdhury next Deputy Leader of the House “Anyone can remain unemployed if that person wants to remain so, but there is no scope to remain unemployed as we have created so many opportunities,” she said. In this connection, she mentioned the freelancing opportunities across the country through which youths can earn money from their rural homes.  In the future, she said, the country’s exports will include food items and processed food, digital devices, and small mechanical items. “We will be able to increase exports through the investments that are coming into our one hundred economic zones across the country,” she added. Read More: AL invites BNP leaders to its 22nd national council Saturday She also said that due to the pragmatic and timely steps of the government in the last 14 years, people are now enjoying a better life.

Bangladesh earned over $5 billion from merchandise exports in November, a record income in a month thanks to a surge in the apparel exports, according to officials figures. The November export earnings of $5.09 reported by Export Promotion Bureau on Thursday surpassed the previous monthly highest income of $4,098 billion in last June. The $5.09 billion earned in November was 26 percent higher than the corresponding period of the previous fiscal year, said EPB. The surge in the export earnings comes at a time when the Western countries, the main buyers of Bangladesh apparels, are fighting a depressed demand mainly due to energy crisis caused by Russia-Ukraine war. Read more: Bangladesh Bank allows export income, remittance through MFS This achievement raised hope of easing the growing foreign exchange crisis Bangladesh has been suffering since July this year. On a positive trend, the export earnings in the first five months of FY23 grew by 11 percent compared to last year's corresponding period, the latest EPB data showed. This is the first time Bangladesh’s export earnings crossed $5.0 billion in a single month as the manufactures, especially of apparels, received more orders from Western buyers and shipment of on-hold export consignments. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan told UNB that apparel orders, which had been declining in past few months, marked an upward trend because of product diversification and adding new export destinations like South Korea, non-European Union (EU) member countries and some African countries. He expressed hope that the order will go up further during winter and the Christmas celebrations as the Bangladesh supply capacity is good and the prices of clothes is very reasonable so far. Read more: Can’t control global economy, but want to boost exports: BGMEA president The BGMEA president pointed out that despite a surge in raw material prices the resumption of shipment of on-hold consignments and focusing more on diversification the Bangladesh export market is creating a better option for all types of buyers. European trade researcher Dr. Mohammad Abdur Razzaque said Bangladesh is exporting very essential clothing items at a reasonable rate, whose demand has increased slightly in the European market. The demand for clothing at affordable price has increased in Europe where inflation-hit buyers are struggling with high energy prices.  Bangladesh manufactures regular wear and home textile items and this dominate its exports to EU markets, said Razzaque.   Besides, exports of fruits, vegetable, frozen fish, jute and leather products, and handicrafts to EU countries also increased, he said. Read more: RMG exports rise in Oct despite overall decline He said Bangladesh’s export destination in EU-plus countries, the UK, Canada, and the USA will grow continuously, as the sign of ending the Russia-Ukraine war is being visible. Dr M Abu Eusuf, professor of development studies, at DU echoed Razzaque’s optimism saying the EU market is very potential for Bangladesh. He said that the demand for Bangladeshi apparel has been increasing by 10 percent every year in the Western countries. “We are seeing that result in November, where the export earnings crossed $5 billion for the first time, and this trend will continue,” he added. END/UNB/AI/F

The Export Promotion Bureau (EPB) data show that, despite an overall drop in export earnings, Bangladesh's apparel sector recorded a 3.27 percent increase in revenue in October compared to the same month of the previous year. In October of the current fiscal year, total export revenues fell 7.85 percent to $4.35 billion from $4.72 billion in the corresponding month of the fiscal year (FY) 2021–22. However, earnings from apparel exports increased to $3.67 billion from the $3.65 billion reported in October of FY22. Read more: Falling exports-remittances: Double blow to Bangladesh economy According to EPB, Bangladesh's apparel exports during July-October of FY23 rose 10.55 percent year-on-year to $13.95 billion. During the same period last year, readymde garments (RMG) exports brought in $12.62 billion for the country. "Although readymade garment shipments were expected to drop in October, this encouraging development is welcome," Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association, said. "However, as global retail markets are struggling and buyers are taking cautious steps in placing new orders and managing inventory, as an entrepreneur in the apparel sector I am not optimistic about the trend of work orders and the sector's growth in the coming months." Read more: RMG factories bearing power outages of 4 to 10 hours a day: BGMEA President  

Bangladesh’s export income fell by 6.25 percent in September after a positive growth during the last 13 months, according to official figures. The Export Promotion Bureau (EPB) released updated statistics on export earnings on Sunday. It said exports of agricultural products, frozen food, handicrafts, bicycles, and furniture decreased in the first three months of the current fiscal year. Bangladesh exported goods worth $3.9 billion last month (September), which is 6.25 percent less than the same period last year, the EPB data revealed. However, overall the exports in the first three months of the current financial year 2022-23 are in a positive trend and saw a growth of 13.38 percent. During this period, products worth $12.49 billion were exported in the first three months of current fiscal year that was worth $11.02 billion. Read: Bangladesh to stay safe, sustainable apparel sourcing destination: BGMEA Overall exports declined last month mainly due to a decline in apparel exports. The export of readymade garments was worth $3.16 billion in the previous month, which is 7.52 percent lower than in September last year. Exporting of both woven and knit garments declined last month. However, there is a 13.41 percent growth in apparel exports in the first three months of the current financial year. Exporters of readymade garments have said that inflation in the USA and EU countries has become dire due to the Russia-Ukraine war. People there have cut back on purchases other than fuel for cars and groceries. Because of that, foreign buyers are placing less orders for two to three months. Many companies were not allowing the shipment even after the products of the purchase order were ready, they said. BGMEA Director Md. Mohiuddin Rubel said on Sunday that BGMEA had already shared early indication of growth slowdown from September onwards, which is apparently reflected in export data for September.  The global retail market is disrupted by many challenges starting from post covid container freight and supply chain crisis, price hike of raw materials, and then anticipated recession in the global economy, which is halting retail sales and demand for clothing, he said.  Rubel said buyers were following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.  “Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow given our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022,” he added.

Bangladesh Bank has announced a ‘Merchandise Trade’ policy to diversify exports. From now on, like Hong Kong and Singapore, traders can buy goods or services from another country and export them to third countries. Foreign Exchange Policy Department of Bangladesh Bank issued a circular in this regard and sent it to the authorized dealers for immediate execution on Wednesday. Read MCCI-PRI for raising EDF to $10 billion to achieve $80 billion export target The central bank circular stated, “In accordance with export policy in force, a trade for which goods or services procured from a country, are shipped or delivered directly to a third country is defined as ‘merchandising trade’. To facilitate transactional services by ADs to their ‘merchandising, trade’ customers, it has been decided to formulate a set of operational guidelines.” This type of business is gaining popularity worldwide. Specific policies in this regard were necessary for Bangladesh. Due to the new policy, export trade will expand. Now traders from countries like Hong Kong, and Singapore can do business. It will earn a lot of foreign currency. According to the policy, ‘merchandising, trade’ is defined as ‘procurement of goods and services, from another country and shipment of goods and services from that country directly to buyers in a third country’. Read Bangladesh’s apparel export to cross $100 bn by 2030: experts According to the circular, the EXP form will not be required for export activities under merchandising trade. Similarly, the IMP form applicable to imports will not be required in the case of procurement of goods from different countries. Import expenses can be met with income from foreign sources. At the same time, the possibility of meeting import expenses under buyers' credit received from abroad has been kept in the circular. However, in this case, the bank cannot guarantee payment. The circular directed that there should be a sufficient margin for local expenditure and profit after meeting liabilities from export earnings. Read All export-oriented industries should get equal facilities: Salman F Rahman

India has offered free transit via its territory to Bangladesh for exporting its products to third countries through specified land customs stations, airports and seaports. In this regard, the Indian side invited Bangladesh business community for using its port infrastructure for transshipment to third countries. The Indian side informed it during delegation level bilateral talks visiting Prime Minister Sheikh Hasina and her Indian counterpart Narendra Modi held at Hyderabad House in New Delhi on Tuesday. India has also been providing free transit to Bangladesh for exporting its products to Nepal and Bhutan, according to the joint statement issued on Wednesday. The Bangladesh side requested rail connectivity with Bhutan through the newly inaugurated Chilahati – Haldibari route. The Indian side agreed to consider the request, based on its viability and feasibility. Read:Hasina asks Indian and Bangladeshi youth to interact more to foster friendship To make this and other cross border rail links viable, the Indian side requested the Bangladesh side to remove port restrictions, inter alia at the Chilahati – Haldibari crossing. The two leaders agreed to expedite efforts to improve bilateral and sub-regional connectivity through early operationalisation of the BBIN motor vehicle agreement. The Indian side requested the Bangladesh side for cooperation for initiating new sub-regional connectivity projects including a highway from Hili in West Bengal to Mahendraganj in Meghalaya through Bangladesh and, in this regard, proposed preparation of a detailed project report. In the same spirit, Bangladesh reiterated its eagerness to partner in the ongoing initiative of the India – Myanmar - Thailand trilateral highway project. The two leaders underscored the importance of implementing bilateral and sub-regional rail, road, and other connectivity initiatives. Both sides welcomed the ongoing bilateral initiatives, such as, conversion to dual-gauge of Tongi-Akhaura line, supply of railway rolling stock, capacity building for the personnel of Bangladesh Railway, sharing of IT solutions for improved services of Bangladesh Railway etc. Both sides also welcomed the new initiatives, namely, Kaunia-Lalmonirhat-Mogalghat-New Gitaldaha link, establishing a link between Hili and Birampur, upgradation of track and signaling systems and railway stations along the Benapole-Jashore line, link restoration between Burimari and Changrabandha, construction of a container depot at Sirajganj. And both sides agreed to explore funding of these projects through a range of financial instruments under the bilateral development cooperation. The Bangladesh side welcomed the gesture of India for providing 20 broad-gauge diesel locomotives on grant. Read:Dhaka, Delhi reiterate strong commitment to eliminate terrorism The two leaders welcomed the successful completion of trial runs under the agreement on the use of the Chattogram and Mongla Ports (ACMP) and looked forward to its full operationalisation at the earliest. The Indian side reiterated its request to work towards the expansion of the bilateral Coastal Shipping Agreement of 2015 to include third-country EXIM cargo. The two sides agreed to expeditiously explore direct shipping links between the two countries. They also agreed to implement the decision to start riverine services under the Protocol on Inland Water Transit and Trade (PIWTT) routes 5 & 6 (Dhulian to Rajshahi -extension to Aricha) and 9 & 10 (Daudkandi to Sonamura). The Indian side requested Bangladesh to complete remaining infrastructure, immigration, and customs facilities for the operationalisation of the Maitri Bridge over River Feni, connecting Tripura with Bangladesh, at an early date. Prime Minister Sheikh Hasina is making an official visit to India from September 5-8 at the invitation of her Indian counterpart Narendra Modi. During the visit, she called on President of India Droupadi Murmu and Vice President Jagdeep Dhankhar. External Affairs Minister S Jaishankar and Minister of Development of North Eastern Region G. Kishan Reddy called on her.

The Kingdom of Saudi Arabia has ranked first globally in terms of the value of date exports in 2021, according to the Trade Map of the International Trade Center.  The value of Saudi exports of dates in 2021 reached SR1.2 billion ($320 million), said the Saudi Embassy in Dhaka on Wednesday quoting the Saudi Press Agency. The Kingdom also realised the highest annual growth rate of exports over the past five years of 12.5 percent, with exports entering 113 countries.  The National Center for Palms and Dates said the achievement reflected the interest of the Saudi leadership in enhancing non-oil exports, developing the work system in planting and improving the production of palm, and the leading role of partners, mainly the producers and exporters of dates.  READ: Saudi Arabia bans citizens from travelling to 16 countries, including India, over new COVID-19 outbreaks It said the Saudi Vision 2030 placed a lot of attention on the palm and dates sector through its development and sustainability, working early to prepare and implement programs to develop this sector and increase its contribution to the gross domestic product.  The value of palms and dates in Saudi Arabia is almost SR7.5 billion, 12 percent of the agricultural gross product and 0.4 percent of the non-oil gross product.  The UN Food and Agriculture Organization congratulated Saudi Arabia on this achievement.

The deputy head of Russia’s Security Council is alleging that sanctions against the country, including new measures targeting oil exports, are aimed at hurting ordinary Russians and motivated by hatred. Dmitry Medvedev, who is also a former president and prime minister, wrote on Telegram Tuesday that sanctions don’t affect the Russian political elite and won’t be “fatal” for big business, but are “directed precisely against the people of Russia.” He claimed that measures affecting oil and gas are aimed at forcing the government to introduce budget cuts. Also read:EU leaders agree to ban 90% of Russian oil by year-end “An embargo on buying oil and gas from Russia? The same thing: to reduce the budget incomes and force the state to abandon its social obligations” such as raising payments in line with inflation, he wrote. The European Union has agreed on a ban affecting all Russian exports of oil by sea to the EU, but not by a key pipeline to some Central and Eastern European countries including Hungary. The EU hasn't introduced an embargo on Russian gas. After listing sanctions in various sectors, Medvedev wrote, “They hate us all! The basis for these decisions is hatred for Russia, for Russians and for all its inhabitants.”

Bangladesh Foreign Trade Institute (BFTI), a wing of the Commerce Ministry, has tied up with CNN International Commercial (CNNIC), the US-based news channel’s commercial wing, to promote “Made in Bangladesh” products globally.   According to a statement, both the organizations signed a non-financial understanding on Wednesday to promote different export sectors of Bangladesh on the CNN network. Achieving the export-oriented growth strategy through public-private collaboration is one of the targets of the deal signed between the bodies. Also read: Electronics goods exports up 8.5 times in 9 months: EPB Bangladesh has shown resilience and kept the country's economy moving forward even as the world economy was hit by the Covid-19 pandemic, BFTI said in a statement. Bangladesh's success stories need to be promoted in the global arena and campaigns themed "Made in Bangladesh"  will help reach the global audience of CNN, according to the statement. The BFTI will implement the campaign under the direct supervision of a steering committee formed by the Commerce Ministry. Also read: Speakers call for export diversification, new markets at ICAB webinar This campaign coordination and fund management will be executed by Spellbound Communications Limited, the local facilitation agency of CNN in the name of Spellbound Leo Burnett, the BFTI said. Under the 'Made in Bangladesh' campaign, CNN will develop and execute TVC, Blueprint Bespoke Editorial, Promo, Vignettes and a "Made in Bangladesh" theme week. CNN will also promote five potential export sectors as well as 10 leading export-oriented organisations within the selected sectors. BFTI chief executive officer (in-charge) Md Obaidul Azam and CNNIC director (sales) Abhijeet Dhar signed the instrument on behalf of their respective sides at BFTI office at Karwanbazar in Dhaka. As per the deal, CNN will produce television advertisements, promotional audio visuals and prepare a themed week of 'Made in Bangladesh' and others to campaign for Bangladeshi exports. The Spellbound Communications Limited, the local representative of the CNN, and the BFTI will work together to make the digital campaign a success.  

Bangladesh's consumer electronics exports jumped 8.5 times in the first nine months of the fiscal year 2020-21, compared to the same period of the previous fiscal year, according to Export Promotion Bureau data. During the July-March period of the FY2019-20, Bangladesh earned around $1.44 million from the exports of electronics goods – including refrigerator and freezer, air conditioner, LED television, washing machine, blender, rice cooker, gas stove, induction cooker, fan, hot plate, refrigerator compressor and components – according to the EPB. In the same period of FY21, the country's earnings from the electronics goods export rose to $12.22 million, about 8.5 times higher than the export earnings of the previous fiscal year's same period. READ: Vision Electronics launches Google-approved Android TV Industry insiders think that the local electronics manufacturing industry will emerge as the country's major export earning sector like the readymade garment sector if the government provides necessary policy support including export incentives.  One and a half-decade ago, the local demand for electronics products were met with the imported goods. Now the local brands have proved their mettle in capturing more than 90% of the markets by overcoming the foreign brands' complete dominance.  Also, international market analysts said Bangladeshi brands have enough potential to grab a lion's share in the global consumer electronics market.  READ: Domestic electronics, technology products should get priority in govt procurement: Speakers  They said China is the major supplying country of most global consumer electronics brands. But the growing trade tension between the US and China have led the global brands to lean towards establishing business relations with other Asian countries.