Exports of light engineering equipment, including stainless-steel and iron ware, from Bangladesh have decreased in the first six months of the current fiscal year compared to the same period the year before.
The latest hike of gas prices undoubtedly spells trouble for industries as they will try to shift the burden onto consumers by raising product prices, which will boomerang onto them by eating away at their competitiveness in international markets.
The Bangladesh Bank is yet to take any visible measure in line with a commerce ministry directive aimed at asking banks to earmark a portion of their foreign currency holdings to open letters of credit to import essentials ahead of Ramadan.
Mohammad Sohel was dusting off the shelves in his shop at the Muktijoddha Supermarket in Mirpur 1 on Wednesday afternoon as no shopper was present. In fact, he did not record any sales on the day although some shoppers did turn out.
Bangladesh’s export of paper and paper products have risen 123.35 per cent year-on-year in the first half of the current fiscal year thanks to the post-pandemic recovery and manufacturers’ focus on finding new export destinations.
Consumers in Bangladesh are increasingly switching to comforters, quilts and blankets from traditional duvets in order to stay warm throughout the chillier winter nights and amid a change in lifestyle, drawing a substantial investments and big companies to the segment.
The import of essentials such as edible oil, chickpeas, dried peas and sugar fell in July-November as traders face difficulties in opening letters of credit (LCs) to purchase the items from international markets amid the US dollar shortage.