In order to address discrepancies in export data, the government is putting up three new Customs Procedure Codes (CPCs) to increase the accuracy of export reporting and eliminate multiple entries for the same commodity.
The new tags will help separate different export sorts, enabling better tracking. Sample exports will be classified under one heading; “Cut, Make, and Trim” (CMT) exports, wherein local producers are paid just for labour, will be classified under a different heading.
The third will focus on exports from within the country, including trade through the Export Processing Zones (EPZs).
This will make it possible to compute local exports, CMT exports, and sample exports independently. This modification is essential for lowering export tracking errors and will help Bangladesh Bank and lien banks keep an eye on overseas remittances associated with exports.
Moreover, export numbers will now have to be included in the bill of export. Without this information, exports will not be recorded in Asycuda, Bangladesh’s automated customs platform.
By doing this, export data will only include goods that have been transported legally, avoiding misreporting.
The discovery of a significant disparity in the export statistics provided by multiple government entities necessitated reform.
In July, it was discovered that there was a US $ 10.81 billion difference in export revenue between the Export Promotion Bureau (EPB) and the Bangladesh Bank for the July 2023–May 2024 period.
Bangladesh Bank reported US $ 40.73 billion in export income during this time, compared to the EPB’s US $ 51.54 billion.
Despite the fact that the Government’s balance sheet is unaffected, this disparity has raised concerns. However, the disparity is affecting the balance of the current account.
In response, an interministerial group headed by the Ministry of Finance was charged with providing precise export data within a three-month timeframe. The National Board of Revenue (NBR), Bangladesh Bank, and EPB have all been given the same deadline to address the disparities.
A source within the ministry of finance claims that the primary reasons of these anomalies were initially identified as the re-export of goods after shipments were cancelled and errors such multiple entries for the same export.
Furthermore, the Ministry of Finance has decided to create a special monitoring unit in order to verify monthly export data for the following year.
Reducing errors and inconsistencies in the future is the aim of this. During a recent discussion with EPB officials, Dr. Salehuddin Ahmed, the adviser for finance and commerce, emphasised the importance of creating a reliable system for export reporting.
Bangladesh’s export targets for the current fiscal year are US $ 50 billion for goods and US $ 7 billion for services.
But given the existing discrepancies, reaching these goals will call for enhanced monitoring systems and more precise data reporting.
