Business

The higher estimate of 6% for FY 2023 (ending on June 30, 2023) reflects strong net exports as imports fell more sharply than expected and export growth slowed less than expected, says the Asian Development Bank (ADB). On the supply side, manufacturing firms of all sizes leveraged supportive government policies to contribute to growth. Crop losses to floods, cyclones, and ...

The world economy is in a difficult place but it is not destined to stay there, World Bank President Ajay Banga said on Monday. The World Bank last month cut its 2024 forecast for global economic growth to 2.4% from 2.7% earlier, citing global monetary tightening. “The fact is that the world economy is in a difficult place. It has ...

FBCCI Senior Vice-president Mostafa Azad Chowdhury Babu today called for making the highly prospective jewelry industry export-oriented to revive its past glory and earn foreign exchequer. He made the call at a post-rally discussion organised by Rangpur district unit of Bangladesh Jeweler’s Association (BAJUS) to celebrate its 58th founding anniversary as the chief guest. President of Rangpur district unit of ...

Trading Corporation Bangladesh (TCB) card holder families can purchase 5 kgs of rice alongside its products including oil, sugar and pulse from Sunday. Food Minister Sadhan Chandra Majumder inaugurated the TCB programme at No 1 ward of Dhaka North City Corporation (DNCC).  Commerce Minister Tipu Munshi was present there. Under the programme, a total of one crore TCB card holder ...

India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions, reports Reuters. During a visit by India’s Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment ...

Canada’s central bank on Wednesday raised its key interest rate by 25 basis points to five percent, its highest level since 2001. While the Bank of Canada acknowledged that global inflation was easing, it explained its decision — which was in line with analyst expectations — by saying: “Robust demand and tight labor markets are causing persistent inflationary pressures in ...

Chinese exports tumbled 12.4 percent on-year in June, official data showed Thursday, marking the second successive decline and the latest sign the country’s economic recovery is flagging. Imports fell 6.8 percent over the same period, according to Chinese Customs.

The Ministry of Commerce has set an export target of $72 billion for the current fiscal year (FY24) with a growth of 11.52 percent. Out of this export target, the target for goods export in the current fiscal year has been set at $62 billion eyeing for an 11.59 percent growth while that of the target for services export at ...

Exports to some major markets such as Germany and Poland have declined significantly, it says RMG exports from Bangladesh to the European Union (EU) saw 9.93 percent growth during the fiscal year 2022-23 — from $21.40 billion in FY 2021-22 to $23.52 billion in FY 2022-23, according to the Export Promotion Bureau (EPB). However, exports to some major markets in ...

The price of per liter bottled soybean oil has been reduced by Taka 10 due to the downtrend in edible oil price in the international market. The price of per litre soybean oil will be Tk 179 and the fresh price will come into effect from tomorrow, said a press release of the Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers ...