Bangladesh’s corn import may plunge in the marketing year (MY) 2023-24 beginning from May owing to reduced requirement of feed in poultry, aqua and other farms, and difficulties faced by millers in importing goods amid the ongoing forex shortage in the country, according to a recent report by the US Department of Agriculture (USDA).

"Mobile sales have dropped drastically due to the economic downturn for people. Handset sales dropped by over 40 per cent year-on-year in the first quarter of 2023"

As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.

The ongoing dollar shortage in the banking sector is posing a threat to local textile millers and spinners as they are in trouble in opening letters of credit (LCs) to import raw materials and cotton to feed the country’s readymade garment industry. 

The pharmaceuticals industry, which has made life-saving drugs available at lower costs, is facing troubles in opening letters of credit (LCs) to import much-needed raw materials and capital machinery owing to the US dollar crunch. 

Exports of light engineering equipment, including stainless-steel and iron ware, from Bangladesh have decreased in the first six months of the current fiscal year compared to the same period the year before.

PM’s call in this regard is a welcome one

Uncertainty looms over the country’s fuel stock as the Bangladesh Petroleum Corporation is finding it difficult to import fuel amid a dollar shortage at local banks.