Trade Deficit Soared with Record Imports

The country has imported a record amount in the first seven months of the current fiscal year. However, according to the rate at which imports are being made, exports and remittances have not increased. Which has affected foreign trade. The current account balance of foreign transactions has fallen to the highest deficit in history due to the pressure of imports.

According to Bangladesh Bank, in the first seven months (June-January) of the current 2021-22 fiscal year, the deficit stood at $1.62 billion. During the same period of the previous financial year, the current account balance was $155.6 million. And for the entire 2020-2021 fiscal year, the annual deficit was $458 million. Before that, in the fiscal year 2019-2020, it was 544 crore dollars.

Never before in the history of the country has there been such a huge deficit in the balance of payments. Earlier, the deficit of $978 million was the biggest in the 2017-2018 fiscal year.