Trade and facilitation

Exports accelerate to three-month high

Targeting to earn US$ 33.5 bn in the FY 2015-16, while already have earned US$ 31.2 bn in the last fiscal, Bangladesh’s export growth is on a 3-month high. In November, exports were US$2.75 bn. This was a 13.63% year-on-year growth, 16.7% higher than in October and unsurprisingly predominated by apparel.  The apparel sector has been shared the biggest portion of that amount, amounting to US$2.22 bn, which itself is up 23% from the preceding month and over 14% from last year. Despite this growth, businesses are cautious, not to take this growth for granted as recent buyer negotiations went through hiccups (cancelled Buyer’s Forum). Positive aspects are not afar, since depreciation will help the cause and hard work towards achieving better factory safety measures are continuously attempted.

DCCI: Cost of doing business to fall 16.5% if trade facilitation

The DCCI President recently attested that trade facilitation is an important factor to reduce the cost of doing business, by 16.5%. This he added, would help US $4bn export additions, promote FDI to be 3% of GDP and contribute to achieving 8% growth of the economy by 2021. He and many other high officials pointed out the benefits and drawbacks of trade facilitation. Adding to better capacity building and inclusive development slow progress of this can be outlined towards lack of regulatory policy, lack of coordination and ignorance of stakeholders. The government was called upon for awareness to produce sound and efficient procedures and plannings which are pro-industry and pro-investment.