10:13 am, Friday, 7 February 2025

Bangladesh Bank revises July-May exports down to $40.73b

The Bangladesh Bank has published revised export data for the first 11 months (July-May) of the financial year 2023-24, lowering the export figure by $10.81 billion to $40.73 billion compared to the Export Promotion Bureau (EPB) figure of $51.54 billion for the same period.

Although EPB data published in June showed a 2.01% increase in exports over the 11 months, Bangladesh Bank data revealed a decline in exports during the reporting period.

According to data published by the Bangladesh Bank on Thursday, the country’s exports for the July-May period of FY24 declined by 4.28%, falling from $42.55 billion in the same period of FY23.

However, the Bangladesh Bank data also showed that country’s exports in May 2024 grew by 7.39% to $4.09 billion, compared to $3.81 billion in May 2023.

Conversely, EPB data indicated that export earnings in May 2024 fell by 16.06% to $4.07 billion from $4.85 billion in May 2023.

The discrepancies in export data were highlighted by the Bangladesh Bank on July 3, leading to a downward revision of export data for the July-April period of FY24 by $13.80 billion to $33.68 billion from the EPB-provided figure of $47.47 billion.

This revision turned the country’s financial account from a deficit to a surplus while the current account fell into deficit.

In a clarification, the Bangladesh Bank stated that export figures from the EPB had been used for a long time, but the figures did not match the actual export income entering the country, raising questions from various local and international organizations.

After investigation, it was found that actual exports were lower than reported, justifying the lower income.

The central bank stated that future export statistics would be compiled based on actual data, ensuring consistent data sets used by both the National Board of Revenue (NBR) and EPB.

EPB vice-chairman Md Anwar Hossain told reporters on Wednesday that the EPB received revised data from the NBR and was working on it.

He mentioned that the EPB, NBR, and Bangladesh Bank would collaborate to prevent future statistical discrepancies.

Anwar identified several errors contributing to inflated export figures, such as multiple entries, incorrect Free on Board (FoB) values for cut, make, and trim (CMT) exports, and double counting of local exports from export processing zones.

According to EPB officials, prior to identifying the discrepancies, the EPB had prepared an export earnings figure of $55.28 billion for FY24 by compiling data from the NBR, although this data was not published.

They hinted that after the revision, Bangladesh’s export earnings might be $44.5 billion for the financial year 2023-24.

They also said that based on the revised data, the country’s export earnings for FY23, as published by the EPB, would decrease by $9 billion from the previously reported $55.56 billion.

Bangladesh Bank revises July-May exports down to $40.73b

Update Time : 09:50:04 pm, Saturday, 13 July 2024

The Bangladesh Bank has published revised export data for the first 11 months (July-May) of the financial year 2023-24, lowering the export figure by $10.81 billion to $40.73 billion compared to the Export Promotion Bureau (EPB) figure of $51.54 billion for the same period.

Although EPB data published in June showed a 2.01% increase in exports over the 11 months, Bangladesh Bank data revealed a decline in exports during the reporting period.

According to data published by the Bangladesh Bank on Thursday, the country’s exports for the July-May period of FY24 declined by 4.28%, falling from $42.55 billion in the same period of FY23.

However, the Bangladesh Bank data also showed that country’s exports in May 2024 grew by 7.39% to $4.09 billion, compared to $3.81 billion in May 2023.

Conversely, EPB data indicated that export earnings in May 2024 fell by 16.06% to $4.07 billion from $4.85 billion in May 2023.

The discrepancies in export data were highlighted by the Bangladesh Bank on July 3, leading to a downward revision of export data for the July-April period of FY24 by $13.80 billion to $33.68 billion from the EPB-provided figure of $47.47 billion.

This revision turned the country’s financial account from a deficit to a surplus while the current account fell into deficit.

In a clarification, the Bangladesh Bank stated that export figures from the EPB had been used for a long time, but the figures did not match the actual export income entering the country, raising questions from various local and international organizations.

After investigation, it was found that actual exports were lower than reported, justifying the lower income.

The central bank stated that future export statistics would be compiled based on actual data, ensuring consistent data sets used by both the National Board of Revenue (NBR) and EPB.

EPB vice-chairman Md Anwar Hossain told reporters on Wednesday that the EPB received revised data from the NBR and was working on it.

He mentioned that the EPB, NBR, and Bangladesh Bank would collaborate to prevent future statistical discrepancies.

Anwar identified several errors contributing to inflated export figures, such as multiple entries, incorrect Free on Board (FoB) values for cut, make, and trim (CMT) exports, and double counting of local exports from export processing zones.

According to EPB officials, prior to identifying the discrepancies, the EPB had prepared an export earnings figure of $55.28 billion for FY24 by compiling data from the NBR, although this data was not published.

They hinted that after the revision, Bangladesh’s export earnings might be $44.5 billion for the financial year 2023-24.

They also said that based on the revised data, the country’s export earnings for FY23, as published by the EPB, would decrease by $9 billion from the previously reported $55.56 billion.