Bangladesh trade deficit dips to 22 bln USD in FY 2023-24

DHAKA, Sept. 2 (Xinhua) — Bangladesh’s trade deficit in the 2023-24 fiscal year from July 2023 to June 2024 dipped by over 18 percent to 22.43 billion U.S. dollars year-on-year, according to latest data from the Bangladesh Bank.
The central bank’s data revealed that the country’s import payment was 63.24 billion dollars, down 10.6 percent, in the 2023-24 fiscal year while earnings from exports stood at 40.81 billion dollars, down 5.9 percent, during the same period.
Meanwhile, growth in remittances helped Bangladesh cushion the impact of the trade deficit. Remittances sent home by Bangladesh’s migrant workers reached nearly 24 billion dollars in the 2023-24 fiscal year, providing some breathing space amid the forex crunch. ■