Regional & International Economy

Soybean oil imports, both in crude and seed forms, declined marginally in Bangladesh in the current fiscal year as businesses are cautious in buying the raw materials at higher volumes despite surging prices of edible oil locally amid concerns that higher prices would drive down consumption. But an increase in …

Prime Minister Sheikh Hasina today said food security is surely the most pressing issue for the people in Asia and the Pacific region. She was virtually addressing the inaugural session of the meeting of ministers in the 36th Regional Conference for Asia and the Pacific of the UN’s Food and …

The price of aluminium products in the domestic markets has increased abnormally in the last couple of weeks due to the rising cost of raw materials at the international level, according to industry insiders. Due to the impact of Russia’s invasion of Ukraine, the price of construction-grade aluminium has increased …

The unprecedented hike of global oil prices amid the Russia-Ukraine war has created huge pressure on state-owned Bangladesh Petroleum Corporation (BPC) as the state agency is incurring a loss Tk 350 million every day, officials said. The state-run agency is now facing a loss of Tk 24 per litre on …

The World Bank on Monday approved an additional $489-million package in support for Ukraine, to be made available immediately and dubbed “Financing of Recovery from Economic Emergency in Ukraine.” On March 1, the Washington-based institution announced it was preparing emergency aid worth $3 billion for Ukraine, of which at least …

Bangladesh’s current account deficit hit an all-time high of $10 billion in just the first seven months of the ongoing fiscal year due to the escalation of trade deficit and dwindling remittances. The large shortfall in the current account will only widen further because of the ongoing pressure on the …

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and India has enormous scope to complement each other for the development of apparel and textile industries of both neighboring countries. He stressed the need for more collaboration and cooperation between the two neighboring countries involving business …

The government downsized the annual development budget to Tk 2.07 trillion with cuts in foreign assistance by Tk 175 billion, as foreign-aided projects lost gear into lax execution. On Wednesday, the National Economic Council (NEC) approved the Tk 2.07-trillion revised annual development programme (RADP) for the current fiscal year with …

Bangladesh on Friday iterated its demand for the removal of anti-dumping duty imposed by New Delhi on Bangladesh’s jute products in 2017. At the Bangladesh-India commerce secretary level meeting held at New Delhi, Bangladesh also asked to keep Bangladesh out of the purview of the Indian Customs (Administration of Rules …

Led by a surge in vegetable oils and dairy products, global food prices soar a record high in the month of February, the Food and Agriculture Organization says. The United Nations agency’s food price index, which tracks the most globally traded food commodities, averaged 140.7 points in the last month …