Bangladesh trade deficit soars to 16.07 billion USD in 11 monthsChristian Fernsby ▼ | June 29, 2020
Bangladesh's trade deficit in the first 11 months of the current 2019-20 fiscal year (July 2019-June 2020) soared by over 7 percent to 16.07 billion U.S. dollars year-on-year, the central bank data showed on Sunday.
Deficit Bangladesh street
The BB data showed the gap between Bangladesh's export earnings and import payments in July-May period of previous 2018-19 fiscal year (July 2018-June 2019) was 14.98 billion U.S. dollars.
A central bank official said growth in remittances despite economic impacts of COVID-19 helped Bangladesh cushion the impact of ballooning trade deficit.
Bangladesh's overall remittance inflow rose by 8.78 percent to 16.37 billion U.S. dollars in July to May of fiscal year 2019-20 from 15.05 billion U.S. dollars in the same period of last fiscal. ■