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Hansel

Bangladesh's foreign exchange surpasses $6 bln_English_Xinhua - 0 views

news.xinhuanet.com/...content_11139849.htm

bangladesh foreign exchange reserve remittance good news trend increase highest

shared by Hansel on 06 Apr 09 - Cached
  •  According to BB statistics, Bangladesh's remittance inflow grew24.43 percent to around 7.03 billion U.S. dollars in July-March period of the current fiscal year (July 2008-June 2009) despite a global recession that forces job cuts around the world.     Bangladesh's exports in the first eight months of the current fiscal year 2008-09 (July 2008-June 2009) posted 15.90 percent growth and stood at around 10.35 billion U.S. dollars.     The country's Letter of Credits (L/Cs) against imports worth 1.57 billion were settled in February over that of 1.999 billion U.S. dollars in January, according to the central bank provisional statistics.
  • Hansel on 06 Apr 09
     
    Bangladesh's foreign exchange reserve has surpassed 6 billion U.S. dollars, a senior official said on Monday.
Hansel

AFP: Dwindling exports hit Bangladesh economy - 0 views

www.google.com/...M5hG-IO-0cZSaC9RDzTMmaP31_G4yA

bangladesh garments recession global export competition China India Pakistan

shared by Hansel on 14 Apr 09 - Cached
  • Clothing manufacture underpins impoverished Bangladesh's industrial activity, accounting for 80 percent of overseas sales and pulling in 11 billion dollars a year.
  • At the start of Bangladesh's financial year in July, garment exports were up 72 percent from a year earlier, but by February growth had slowed to four percent year-on-year as orders from Western retailers evaporated.
  • "The whole economy can unravel if garment exports continue to slow down as many other sectors such as transport, services and construction are directly dependent on this sector," said Masato Miyazaki, an IMF adviser on Bangladesh.
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  • The garment industry employs 2.5 million workers, mostly women, who account for more than 40 percent of Bangladesh's industrial workforce.
  • the currencies of India and Pakistan have depreciated against the dollar in recent months, making their goods cheaper, while the Bangladeshi taka has remained steady."Garment exports grew over 40 percent in the first quarter as orders meant for China directed to Bangladesh because of its cheap production cost,' said trade expert Mustafizur Rahman, a visiting Yale University professor."But it started to slow down sharply since October as China has withdrawn taxes and pumped incentives to its apparel manufacturers to cushion against global recession," he said.The BGMEA, which groups 4,500 export-oriented garment factories, said firms need subsidies worth 10 percent of the value of their exports to stay competitive.
  • The World Bank has forecast growth this financial year could be two percentage points lower than expected at 4.5 percent, the lowest in eight years.Last year the economy grew by 6.2 percent and the government had been aiming for 6.5 percent this year.On top of the export slump, Bangladeshi workers abroad are being laid off in the Middle East, South East Asia and other countries where Bangladeshis find low-skilled, low-wage work.This has hit remittances, another worry for authorities as money sent home by workers abroad is the second biggest foreign exchange earner after exports.
  • Hansel on 14 Apr 09
     
    One of the country's biggest selling points was its ability to undercut rivals India, Pakistan and China as Bangladeshi labour was among the world's cheapest. But those countries now are beating Bangladesh on price, industry leaders said. "We used to boast that nobody could beat us but Pakistan, China and India are now offering cheaper rates," said Z.A. Chowdhury, director of leading manufacturer Knit Asia, which sells garments to British supermarket chain Tesco.
Hansel

The Daily Star - Details News - 0 views

www.thedailystar.net/...news-details.php

bangladesh news remittance foreign exchange reserve trend labor

shared by Hansel on 06 Apr 09 - Cached
  • The annual growth in the number of workers leaving Bangladesh for overseas jobs slowed sharply to 5.1 percent in 2008 compared to 118.2 percent in 2007.Among the major destinations for overseas employment, new jobs for Bangladeshi workers in Saudi Arabia fell by 35.3 percent in 2008. Kuwait has reduced hiring Bangladeshi workers since late 2006. In 2008 new jobs for Bangladeshi workers in Kuwait fell by 92.4 percent and in Bahrain by 19.8 percent.New job opportunities also declined in 2008 in Malaysia by 51.8 percent and in Brunei by 11.1 percent on economic downturn.The recession is also badly affecting new Bangladeshi job seekers in Europe. Jobs fell by 36.7 percent in Italy and 2.1 percent in the UK in 2008.Job opportunities however grew by 202.6 percent in Oman, 85.2 percent in the UAE, 68.9 percent in Qatar and 47.6 percent in Singapore.The central bank officials' forecast indicates a lower remittance inflow in the next few months as a significant number of workers returned home.
    • Hansel
      Hansel on 06 Apr 09
       
      Part of the large recent remittance could also be attributed to workers moving all their savings to Bangladesh as they lose their jobs.
  • According to the latest revisions by the World Bank, India, China and Mexico retain their position as the top recipients of remittances among developing countries. The top 10 recipients list also includes Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Pakistan.
  • Hansel on 06 Apr 09
     
    Remittance inflow to Bangladesh in March recorded $881million, but in terms of growth rate it was only 9 percent, the lowest in the last nine months because of the ongoing global recession.
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