The strengthening of the US dollar against the Bangladeshi taka has had varying effects on local businesses. Companies generating revenue in dollars have seen benefits, while those importing raw materials for manufacturing have faced challenges. Bangladesh Shipping Corporation, despite a vessel setback during the Russia-Ukraine war, saw its revenue rise significantly in the fiscal year 2022-23 due to the stronger dollar, resulting in more taka after currency conversions.
Similarly, listed companies earning in dollars, such as Apex Footwear, have achieved record revenues, with Apex Footwear’s export revenue increasing by 35%. However, manufacturing companies that import raw materials have experienced higher costs, impacting profit margins. International shipping firms like Bangladesh Shipping Corporation have been major beneficiaries of the appreciating dollar. The trend has positively impacted other businesses like Apex Foods, a shrimp exporter, which reported a 73% increase in profits, driven by cost-cutting measures and the stronger dollar’s impact on revenue from export earnings.
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