DHAKA, May 23: Bangladesh’s trade deficit shot up by 71.27 per cent in the first eight months (July-February) of the current fiscal year, over the same period last fiscal year. The latest official figures show that trade deficit rose to $2.12 billion in February, up by 35 per cent from January, compared to $1.2 billion during the same period a year back.
The trade deficit was 2.37 billion in the fiscal year 2003-04. Imports led by consumer goods, petroleum products and capital machinery grew at much faster rate in February as compared to the preceding months, shows the balance of payment data prepared by Bangladesh Bank, the central bank of the country.
During July-February, exports rose 13.3 per cent to $5.38 billion while imports rose by 25.3 per cent to $7.5 billion. It also shows that the trade deficit in services increased to $638 million as compared to $456 million a year back.
The growing trade deficit becomes the concern for the economy, especially the external trade management, as current account deficit increased further in February to $263 million as against a surplus position of $473 million a year back.
Zaid Bakht, senior research fellow of the Bangladesh Institute of Development Studies, said that the growing trade deficit was the consequence of the unplanned trade liberalization in the past.
