
Salman F Rahman, the Prime Minister’s adviser on private industry and investment, has said that one of the main reasons for the US $ 14 billion export data discrepancy was the Export Promotion Bureau’s (EPB) double counting of exported garment items made in factories within export processing zones (EPZs).
He further ascribed the data discrepancy to a lack of coordination among the EPB, the central bank, and the National Board of Revenue.
The central bank recently addressed irregularities in export records, adjusting down actual exports in the July-April period of fiscal 2023-24 by about US $ 14 billion compared to the data previously released.
The EPB reported that exports totaled US $ 47.47 billion in the first 10 months of fiscal 2023-24. However, following the central bank’s correction, it fell by US $ 13.8 billion to US $ 33.67 billion.
The EPB made the error of calculating sales by companies in the EPZs twice: once during shipment from the EPZs to local enterprises and again when exporters shipped from the ports.
Rahman made the remarks at a discussion on digitalising international trade in Bangladesh, hosted by the International Chamber of Commerce-Bangladesh (ICCB) in Dhaka. Chamber leaders, government officials, trade specialists, business leaders, and exporters all took part, in addition to the Prime Minister’s adviser.
Furthermore, in the case of garment orders under a manufacturing process known as cutting, making and trimming (CMT), the EPB calculated the prices of fabrics and all accessories, although it was supposed to consider only the fabric cutting cost, sewing cost and finishing cost.
The problem has been identified and it is expected that the EPB, BB and NBR will sit together to address it, Rahman said.
He added that Bangladesh has progressed a lot in the digital economy and the country is now thinking about introducing QR code-based payment systems.
He also said that international trade does not depend only on Bangladesh, highlighting the responsibility of counterparts. But major economies like China and the USA are becoming more protectionist and are maintaining very stringent controlling regulations for international trade.