FBCCI probing export data gap

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex business body, has taken initiative to find out the reasons for the huge gap in export data. 

On Saturday, the organisation met with the leaders of the country's top export organisations and asked them how much of their export proceeds had not been received.

According to sources, the organisations will soon collect information and data on this issue and inform FBCCI, which will then inform Bangladesh Bank and others concerned.

Munir Hossain, vice president of FBCCI, told The Business Standard, "There is a lot of gap between the export data of the Export Promotion Bureau (EPB) and the information of Bangladesh Bank. We are trying to find out why this gap is there. For this, information has been requested from the exporters."

"Once we get the information, we will examine it and inform Bangladesh Bank and request them to find out the actual export and gap," he added.

According to EPB data, Bangladesh's exports in the fiscal year 2022-23 amounted to $55.56 billion. Meanwhile, according to Bangladesh Bank data, the proceeds realized during this period had a gap of nearly $10 billion.

After such a large gap, the blame has been directed at exporters, who are said to be not bringing the export proceeds into the country.

Fazlee Shamim Ehsan, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), who was present at the meeting, told TBS, "We will collect the information and inform FBCCI soon."

The Ministry of Commerce has also formed a committee to find out the reasons.

IMF team inquires about gap between exports and repatriation proceeds 

The IMF has inquired about the disparity between apparel export value and their repatriation proceeds in Bangladesh.

The visiting IMF delegation during a meeting with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan yesterday also asked whether apparel exporters were facing any complications in opening letters of credit (LCs) amid the ongoing dollar crisis. 

Talking with The Business Standard Faruque Hassan said he informed the IMF mission that the differences between export value and repatriation proceeds is not too much and the repatriation is not fully under the control of the exporters. In some cases, buyers pay at discounted prices after shipment, he said.

"Besides, some buyers delay or partially pay, with adjustments made later. We've clarified that exporters aren't intentionally delaying repatriation. Delays can be due to brands deferring payments or going bankrupt.

"We also informed them (IMF delegation) when any of the international suppliers ask our central bank about their outstanding payments through the diplomatic channel, the Bangladesh Bank takes initiative to pay them."