State of the Bangladesh Economy in FY2023-24 (First Reading)
Independent Review of
RBD
Bangladesh's Development
Balance of Payments: A reversal is yet to be seen
☐ The B.O.P scenario has continued to face serious difficulties
during July-October, FY24.
☐ The improvement in the current account was driven
primarily by sharp (20.5%) decline in imports.
➤ Falling imports will have adverse consequences for
key macroeconomic performance indicators and
growth of the GDP.
In view of low FDI and portfolio flows and higher payment
of trade credit, the financial account has fallen into
negative territory (a decline by USD 5.2 billion between
October 2022 and October 2023).
Table 5.1: Balance of Payments FY23 VS
FY24 (July-October)
Trade Balance
Exports
Imports
Remittances
Current Account
Balance
Financial
Account Balance
Overall Balance
Gross Official
Reserves (BPM6)
(million USD)
July-October
FY23
FY24
-9624.0 -3809.0
15,886.0 16,460.0
25,510.0 20,269.0
7,158.0 6845.0
-4489.0 233.0
1276.0 -3965.0
-4706.0 -3829.0
27,534.0 20,710.0
Source: Extracted from BB (2023)
CPD (2023): State of the Bangladesh Economy in FY2023-24 (First Reading)
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