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We provide Industry & Company Intelligence, Data, and Business Advisory services to local and global companies in Bangladesh

BIZDATAINSIGHTS

We provide Industry & Company Intelligence, Data, and Business Advisory services to local and global companies in Bangladesh

BIZDATAINSIGHTS

A market Monitor, data and business advisory platform

October 1, 2023
Economy Tag : FDI

China’s significant presence in Bangladesh is evident across various sectors, including transportation, energy, and infrastructure. American Enterprise Institute estimates China’s total investment in Bangladesh at $7.07 billion, with Chinese firms securing construction contracts worth $22.94 billion. Over the last decade, China has disbursed $4.45 billion for 35 projects under the Belt and Road Initiative (BRI). These investments in energy, transportation, and other areas are aiding in improving living standards in Bangladesh.

China is engaged in numerous projects in Bangladesh, such as 21 bridges, 27 power projects, and participation in economic zones. In addition to government projects, Bangladesh’s private sector has received loans from China, primarily directed to the power and energy sector.

China’s extensive involvement has made it Bangladesh’s largest trading partner, with a trade volume of approximately $25 billion. It’s also contributing to employment generation and potential growth in various sectors, while special economic zones are being established to attract more Chinese investments.

October 1, 2023
Economy Tag : Debt

Bangladesh’s per capita external debt rose by $22.05 to reach $579.28 (equivalent to Tk 63,048) in the 2022-2023 fiscal year, compared to $557.23 in the previous year. Over the past five fiscal years, per capita debt increased by 53%. In FY19, it was $378.2 or Tk 31,776, according to Bangladesh Bank data.

Total external debt nearly doubled in the past five fiscal years, reaching 21.8% of GDP in FY23, up from 17.8% in FY19. Foreign debt grew from $62.63 billion in FY19 to $98.94 billion in the last fiscal year, a 57.97% increase. Despite increasing external debt, short-term external debt decreased by 29% to $16.03 billion in FY23 compared to the previous fiscal year.

Economists suggest that when external debt exceeds 40% of GDP, it becomes risky. The government’s need for loans to fund large-scale projects, a shortage of revenue, and changing lending conditions pose challenges. To address this, experts recommend a focus on boosting remittances and exports.

October 1, 2023
Economy Tag : Remittance

Remittances from the United States to Bangladesh saw a significant decline of nearly 49% in the July-August period of the current fiscal year 2023-2024 compared to the same period last year, amounting to only $370.27 million. This drop is attributed to the volatility in the local foreign exchange market, resulting in a wide gap between taka-dollar exchange rates in formal and informal markets. Economists express concern that speculation about further depreciation of the local currency may have led remitters to delay sending money home in hopes of more favorable rates.

Despite the recent decline, the remittance inflow from the USA experienced modest growth in FY 2023 compared to FY 2022, reaching $3.52 billion. However, monthly inflows have waned, with August recording the lowest at $170.27 million in 14 months.

Other major remittance source countries, including Saudi Arabia, Malaysia, and Italy, also saw decreases in remittances, albeit less severe than the USA. Overall, Bangladesh’s remittances in the first two months of the current fiscal year dropped by 13.56% to $3.57 billion compared to the same period last year. Experts suggest that the exchange rate disparity and concerns about further currency depreciation are impacting remittance inflows.

October 1, 2023
Industry : Energy & Power

Fuel traders and workers in the Khulna division have initiated an indefinite strike to push for various demands, including an increase in commission rates for fuel sales. This strike has disrupted fuel oil extraction and transportation to 15 districts from Khulna’s Padma, Meghna, and Jamuna oil depots.

The protesters have stated that they will continue the strike until their demand for a higher commission is met. The general secretary of the Khulna Divisional Fuel Oil Distributors Association expressed dissatisfaction with the situation, highlighting issues with an existing gazette addressing commission extension.

Their demands also include raising the commission on fuel sales to a minimum of 7.5 percent, extending the economic life of tank lorries, and issuing a gazette notification recognizing fuel traders as commission agents, as previously promised.

This strike follows a similar one earlier in September 2023, which was temporarily suspended after receiving assurances from authorities but has now resumed due to unmet demands. Businesses should closely monitor this situation for potential impacts on the fuel market.

October 1, 2023
Industry : Commodity

Following an unusual hike in prices in July 2023, green chilli prices in Bangladesh have once again surged, reaching Tk250 per kilogram. This represents a significant increase of Tk100 to Tk120 per kilogram in a short period. Alongside green chillies, onions, certain vegetables, and fish prices have seen upward trends, while egg prices have witnessed a decline over some time.

The spike in green chilli and onion prices can be attributed to a decline in imports and reduced local supply, primarily due to heavy rainfall, according to traders in various kitchen markets. In the Beribadh wholesale market, green chilli prices soared from Tk600 per palla (five kilograms) to Tk1,120.

Onion prices also saw an increase of Tk5 to Tk7 per kilogram at the wholesale level, affecting retail prices. Local onions are currently priced at Tk85-90 per kilogram, while Indian onions are available at Tk70 per kilogram. The adverse impact of continuous rain on chilli fields in several regions, coupled with decreased imports, has contributed to the price hike. Meanwhile, egg prices have seen a decrease of Tk5-Tk8 per dozen.

October 1, 2023
Industry : Commodity

Following an unusual hike in prices in July 2023, green chilli prices in Bangladesh have once again surged, reaching Tk250 per kilogram. This represents a significant increase of Tk100 to Tk120 per kilogram in a short period. Alongside green chillies, onions, certain vegetables, and fish prices have seen upward trends, while egg prices have witnessed a decline over some time.

The spike in green chilli and onion prices can be attributed to a decline in imports and reduced local supply, primarily due to heavy rainfall, according to traders in various kitchen markets. In the Beribadh wholesale market, green chilli prices soared from Tk600 per palla (five kilograms) to Tk1,120.

Onion prices also saw an increase of Tk5 to Tk7 per kilogram at the wholesale level, affecting retail prices. Local onions are currently priced at Tk85-90 per kilogram, while Indian onions are available at Tk70 per kilogram. The adverse impact of continuous rain on chilli fields in several regions, coupled with decreased imports, has contributed to the price hike. Meanwhile, egg prices have seen a decrease of Tk5-Tk8 per dozen.

October 1, 2023

The 2nd Annual General Meeting (AGM) of Citizens Bank PLC took place at the bank’s Head Office, and it was a significant event for the organization. The Chairperson of the Board of Directors presided over the meeting. This meeting is an essential annual gathering where the bank’s leadership, shareholders, and key stakeholders come together to discuss and deliberate on various matters related to the bank’s operations, financial performance, and strategic direction.

Among the notable attendees, a Sponsor Shareholder, and several Directors were present there. Their presence signifies the importance of the AGM in the bank’s governance structure and decision-making process. The Managing Director & CEO of Citizens Bank PLC also participated in the meeting, adding significance to the discussions and decisions made during the AGM. Such gatherings are essential for transparency, accountability, and communication between the bank’s leadership and its stakeholders, ensuring the bank’s continued growth and success in its operations.

October 1, 2023

The 2nd Annual General Meeting (AGM) of Citizens Bank PLC took place at the bank’s Head Office, and it was a significant event for the organization. The Chairperson of the Board of Directors presided over the meeting. This meeting is an essential annual gathering where the bank’s leadership, shareholders, and key stakeholders come together to discuss and deliberate on various matters related to the bank’s operations, financial performance, and strategic direction.

Among the notable attendees, a Sponsor Shareholder, and several Directors were present there. Their presence signifies the importance of the AGM in the bank’s governance structure and decision-making process. The Managing Director & CEO of Citizens Bank PLC also participated in the meeting, adding significance to the discussions and decisions made during the AGM. Such gatherings are essential for transparency, accountability, and communication between the bank’s leadership and its stakeholders, ensuring the bank’s continued growth and success in its operations.

October 1, 2023

The 2nd Annual General Meeting (AGM) of Citizens Bank PLC took place at the bank’s Head Office, and it was a significant event for the organization. The Chairperson of the Board of Directors presided over the meeting. This meeting is an essential annual gathering where the bank’s leadership, shareholders, and key stakeholders come together to discuss and deliberate on various matters related to the bank’s operations, financial performance, and strategic direction.

Among the notable attendees, a Sponsor Shareholder, and several Directors were present there. Their presence signifies the importance of the AGM in the bank’s governance structure and decision-making process. The Managing Director & CEO of Citizens Bank PLC also participated in the meeting, adding significance to the discussions and decisions made during the AGM. Such gatherings are essential for transparency, accountability, and communication between the bank’s leadership and its stakeholders, ensuring the bank’s continued growth and success in its operations.

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Fuel Traders and Workers Launch Indefinite Strike
October 1, 2023
Industry : Energy & Power

Fuel traders and workers in the Khulna division have initiated an indefinite strike to push for various demands, including an increase in commission rates for fuel sales. This strike has disrupted fuel oil extraction and transportation to 15 districts from Khulna's Padma, Meghna, and Jamuna oil depots.

green chilli prices once again surged
October 1, 2023
Industry : Commodity

Following an unusual hike in prices in July 2023, green chilli prices in Bangladesh have once again surged, reaching Tk250 per kilogram. This represents a significant increase of Tk100 to Tk120 per kilogram in a short period. Alongside green chillies, onions, certain vegetables, and fish prices have seen upward trends, while egg prices have witnessed a decline over some time.

 

Citizens Bank Convenes Second AGM
October 1, 2023
Industry : Bank

The 2nd Annual General Meeting (AGM) of Citizens Bank PLC took place at the bank's Head Office, and it was a significant event for the organization. The Chairperson of the Board of Directors, presided over the meeting.

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Citizens Bank Convenes Second AGM
October 1, 2023

The 2nd Annual General Meeting (AGM) of Citizens Bank PLC took place at the bank's Head Office, and it was a significant event for the organization. The Chairperson of the Board of Directors, presided over the meeting.

Paperfly Edging Towards Shutdown
October 1, 2023
Company: Paperfly

One of Bangladesh's top logistics firms, Paperfly, has suspended order acceptance signaling challenges in the e-commerce sector. Paperfly faces a severe cash crunch due to delayed fund arrivals and unresolved fixed deposits with CVC Finance Limited. Despite engaging with Bangladesh Bank, financial constraints persist.

Teletalk Active Mobile Connections Dip by 3.3 Lakh
September 30, 2023

State-owned telecommunications company Teletalk in Bangladesh has experienced a consistent decline in active mobile connections from September 2022 to August 2023, in contrast to other private mobile operators in the country. In August 2023, the total number of active mobile connections in Bangladesh reached 18.86 crore,

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BRI Investment Transforming BD Infrastructure
October 1, 2023
Economic Tag : FDI

China's significant presence in Bangladesh is evident across various sectors, including transportation, energy, and infrastructure. American Enterprise Institute estimates China's total investment in Bangladesh at $7.07 billion, with Chinese firms securing construction contracts worth $22.94 billion.

Per Capita External Debt Reaches Tk 63,048
October 1, 2023
Economic Tag : Debt

Bangladesh's per capita external debt rose by $22.05 to reach $579.28 (equivalent to Tk 63,048) in the 2022-2023 fiscal year, compared to $557.23 in the previous year. Over the past five fiscal years, per capita debt increased by 53%. In FY19, it was $378.2 or Tk 31,776, according to Bangladesh Bank data.

Remittances From US Decline by 49%
October 1, 2023
Economic Tag : Remittance

Remittances from the United States to Bangladesh saw a significant decline of nearly 49% in the July-August period of the current fiscal year 2023-2024 compared to the same period last year, amounting to only $370.27 million. This drop is attributed to the volatility in the local foreign exchange market, resulting in a wide gap between taka-dollar exchange rates in formal and informal markets.

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Bizdata Insights is a Market Intelligence, Data & Business Advisory platform in Bangladesh driving the Trade, Business & Investment opportunities in Bangladesh.

We provide Bangladesh Economic & Market Intelligence, Economic, Market & Financial Data of 70+ business sectors of Bangladesh, and offer Business Advisory services for Investors & Business professionals so that they can make intelligent decisions on Investment & Business with confidence.

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