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A big gap between exports and proceeds in FY23

Staff Correspondent
11 Dec 2023 21:57:20 | Update: 11 Dec 2023 21:57:20
A big gap between exports and proceeds in FY23
— TBP File Photo

Bangladesh has not received $11.99 billion against export of goods in the last fiscal year. According to the Export Promotion Bureau (EPB), the country exported goods worth around $55.56 billion in FY2023.

But the central bank’s data showed that during this period, the country received $43.57 billion. It meant that the country did not receive around $11.99 billion in FY23.

Usually, Bangladesh receives about 84 per cent of proceeds from exports of ready-made garments every year.

The EPB data showed that the country exported goods worth $46.99 billion in FY22, but the central bank data showed that in this period, the country received $36.95 billion. The two organisations’ figure indicates that the gap between export of goods and export proceeds is around $10.04 billion.

Spokesperson for Bangladesh Bank Mejbaul Haque told The Business Post, "We had said before that there is a difference between the figure of Bangladesh Bank and EPB."

“As much export money comes through the bank, Bangladesh Bank calculates the amount. On the other hand, EPB provides statistics by adding various accounts, including export processing zone (EPZ), short shipment and discount."

Managing Director of M B Knit Fashion Ltd and vice president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem told The Business Post, “We have been saying for many years that the figures of the central bank and EPB do not match. On the other hand, the central bank doesn't cooperate with us. We have faced many difficulties for many years. We don't have any clarification on the difference of figures between the two organisations.”

On condition of anonymity, a senior official of the central bank told The Business Post that the problem of this data will continue in the future because both the central bank and EPB publish export proceeds.