Large-scale manufacturing industries in Bangladesh showed a modest pickup with a 6.4% growth in March, as reported by the Bangladesh Bureau of Statistics. The industrial production index rose to 217.45 in March, up from 204.18 a year earlier, but only increased by less than 1% compared to February 2024. This growth is attributed to the easing of import restrictions, clearing backlogs of letters of credit, and introducing a crawling-peg system in interest rates. Fourteen out of 23 sectors, including food, beverages, apparel, leather, and chemicals, saw positive growth. Despite domestic challenges like high inflation and input costs, the industry performed above potential. The IMF projects slight growth for advanced economies and a modest slowdown for emerging markets, expecting this trend to continue. The pharmaceutical sector grew by over 16%, food by 15%, and clothing by nearly 11%, while rubber and plastic products and beverages saw declines. The textile sector also dropped by 15.4% in March compared to the previous year.
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