Economy
Export Data Errors Linked to Coordination Issues: Salman F Rahman
Salman F Rahman, the private industry and investment adviser to the prime minister, highlighted coordination issues among the Export Processing Bureau (EPB), the National Board of Revenue (NBR), and the Bangladesh Bank as the cause of discrepancies in the country’s export data. He made this statement at a roundtable discussion titled “Digitalising International Trade in Bangladesh,” organized by the International Chamber of Commerce (ICC) at Hotel Sheraton.
Rahman explained that Bangladesh exports products in two ways. One method involves using back-to-back letters of credit (LCs) to import fabric and yarn, which are then processed and exported as finished goods, with the entire value being recorded as exports. The other method sees buyers supplying the fabric and yarn for free, with payments made solely for the cost and making (CMT) charges. Here, the EPB reports the full export value, which Rahman noted is accurate but causes discrepancies with the Bangladesh Bank.
“The EPB’s reporting of the full value while only CMT payments are received creates inconsistencies that need reconciliation with the Bangladesh Bank,” Rahman emphasized. He pointed out that the EPB had previously double-counted exports from Export Processing Zones (EPZs), once when exported from EPZs and again when shipped from factories. This issue has now been rectified to prevent future discrepancies.
AK Azad, vice president of the ICC and managing director of Ha-meem Group, underscored the need for accurate calculations by the EPB, which can be achieved through better coordination with Customs and the Bangladesh Bank.
This issue came to the forefront after it was revealed that export data contained a $10 billion overstatement, which the NBR corrected on July 2, addressing a longstanding problem. Exporters had been raising concerns over the unrealistic monthly export figures released by the EPB.
The roundtable was presided over by Mahbubur Rahman, president of ICC Bangladesh, and featured a keynote presentation by Pamela Mar, managing director of the Digital Standard Initiative (DSI) at ICC. Other notable attendees included Muhammad A (Rumee) Ali, chairman of ICC Bangladesh Banking Commission; Iftekhar Alam, regional head for South and South East Asia at the International Islamic Trade Finance Corporation (ITFC); Rupa Chanda, director of Trade, Investment, and Innovation Division at UNESCAP; and Edimon Ginting, country director for Bangladesh Resident Mission at the Asian Development Bank.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
