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Bangladesh’s trade deficit poised to rise as rice imports skyrocket

Bangladesh’s trade deficit poised to rise as rice imports skyrocket

DHAKA: Bangladesh’s imports surged over 37 percent to 4.50 billion U.S. dollars in the first month of the current 2017-18 fiscal year (July 2017-June 2018) as imports of rice skyrocketed amid flesh floods in parts of the country, officials said Wednesday. “Increased importation of rice in the last month pushed up the over all import bills,” said a central bank official who did not like to be named.

He said imports also quickened last month, outpacing exports as domestic demand or ready-made garment items and capital machinery propelled the overall economic growth. Driven by ready-made garments, Bangladesh’s exports in July surged over 26 percent to 3.21 billion U.S. dollars. According to the official, rice imports climbed over 200 percent to a record 69.63 million U.S. dollars in the last last month against 21.17 million U.S. dollars in the previous month.