The economy of Bangladesh is a rapidly developing market-based economy. According to the International Monetary Fund, Bangladesh ranked as the 44th largest economy in the world in 2011 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of US$269.3 billion in PPP terms and US$104.9 billion in nominal terms. The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Remittances from Bangladeshis working overseas, mainly in the Middle East, are the major source of foreign exchange earnings; exports of garments and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation have become a major force of growth. GDP's rapid growths due to sound financial control and regulations have also contributed to its growth; however, foreign direct investment is yet to rise significantly. Bangladesh has made major strides in its human development index. The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depends on its six seasons and multiple harvests. Transportation, communication, water distribution, and energy infrastructure are rapidly developing. Bangladesh is limited in its reserves of oil, but recently there has been huge development in gas and coal mining. The service sector has expanded rapidly during last two decades and the country's industrial base remains very positive. The country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas, with the blessing of possessing the worlds only natural sea ports in Mongla and Chittagong, in addition to being the only central port linking two large burgeoning economic hub groups SAARC and ASEAN.
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Imports $30 billion (2012 est.) Import goods machinery and equipment, chemicals, iron and steel, textiles, foodstuffs, petroleum products, cement Main import partners China 18.9%, India 12.7%, Singapore 6%, Malaysia 4.7%, Japan 4% (2010) Gross external debt $24.6 billion (31 December 2010 est.) Public debt 36.7% of GDP (2012 est.) Revenues $12.67 billion (2012 est.) Expenses $17.15 billion (2012 est.) Economic aid $0.957 billion (2011 est.) Credit rating BB - (domestic) BB - (foreign) BB -(T&C assessment) (Standard & Poor's) Foreign reserves $13.53 billion (January 2013)
GDP Analysis
Gross Domestic Product (GDP) at Current Prices
The information given in the below table reveals the picture about the GDP, GNI and per-cpaita income at current Market process for the last 10 fiscal years. in here it has been seen that the value of GDP at current market prices in FY 2001-02 was TK 273201 crore which is reached at TK. 7,87,495 crore in FY2010-11, which was 13.42 percent higher than the GDP of previous year (Tk.6, 94,324 crore). In FY 2001-02 the per capita GDP was TK 20,754 crore and in FY 2010-11, the per capita GDP was estimated
at TK. 53,236 which was 11.99 percent higher than the per capita GDP of Tk. 47,536 a year
earlier. On the other hand, per capita national income stood at Tk. 57,652 in FY2010-11, which was Tk.
51,959 in the previous fiscal year and which was TK 21,707 crore in FY 2001-02. In dollar terms, per capita GNI and per capita GDP stood at US$818 and US$ 755 respectively, which was US$ 751 and US$ 687 respectively a year earlier Table 2.1represents GDP, GNI, per capita GDP and national income and table 2.2 represents the sectoral GDP at current market prices over the last couple of years.
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Table 01: GDP, GNI, per capita GDP and GNI at current Market prices
Item GDP (In Crore TK) GNI (In Crore TK) Population (In Crore) Per Capita GDP (In TK) Per capita GNI (In Tk) Per Capita GDP (In US $) Per Capita GNI (In US $) 2001-02 273201 285743 13.16 20754 2002-03 300580 317163 13.34 22530 2003-04 332973 350526 13.52 24628 2004-05 370707 389635 13.70 27061 2005-06 415728 442935 13.88 29955 2006-07 472477 507752 14.06 33607 2007-08 545822 594212 14.24 38330 2008-09 614795 670696 14.42 42628 2009-10 694324 758928 14.61 47536 2010-11 787495 852822 14.79 53236
21707 361
23773 389
25926 418
28443 441
31915 447
36116 487
41728 559
46504 620
51959 687
57652 755
378
411
440
463
476
523
608
676
751
818
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Table 02: Sector-wise Gross Domestic Product (GDP) at Current market Price.
Sector/Sub-sector 1. Agriculture & Forestry a. Crops & horticulture b. animal farming c. Forest and related services 2. Fishery 3. Mining & Quarrying a. Natural gas & crude petroleum b. Others mineral Resources. 4. Industry (Manufacturing) a. Large & mediumscale. b. Small- Scale. 5. Electricity, Gas & Water a. Electricity b. Gas c. Water. 6. Construction 2001-02 46603 33896 7118 4989 13897 2996 2002-03 48798 39024 7474 5300 14259 3309 2003-04 52419 39024 7915 5620 14783 3644 2004-05 56167 41482 8680 6006 15856 4041 2005-06 62223 46118 9682 6423 16317 4643 2006-07 67830 50139 10828 6873 17783 5322
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7. Wholesale & Retail Trade 8. Hotel & Restaurant 9. Transport, Storage & Communication. a. Surface transport b. Water transport c. Air transport. d. Support transport services, storage. e. Post & telecommunication 1740 25524 1944 31112 2202 34444 2512 38289
56984
66011
78220
88276
100295
113902
2853 43206
3289 48908
3889 56907
4460 64280
5150 71880
5998 85465
11. Real Estate, Renting 23995 & others Business Activities. 12. Public 7117 Administration and Defense. 13. Education 6352
7783
8624
9637
11036
12743
14427
16360
18757
22381
7064
7873
8788
9935
11767
13531
15494
17908
21308
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14. Health and Social Work 15. Community, Social and Personal Services. 16.GDP at Current Market Price Growth Rate (%)
6079
6601
7197
8104
9022
10307
11819
13391
15142
17582
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Table 03: Sector-wise Share of Gross domestic product (GDP) at Constant Price Base Year (1995-1996) (in percentage)
Sector/Sub-sector 1. Agriculture & Forestry a. Crops & horticulture b. animal farming c. Forest and related services 2. Fishery 3. Mining & Quarrying a. Natural gas & crude petroleum b. Others mineral resources.
0.63
0.66
0.68
0.69
0.71
0.72
0.74
0.76
0.77
0.73
0.44 15.76
0.44 15.97
0.43 16.16
0.44 16.51
0.45 17.08
0.46 17.55
0.47 17.77
0.50 17.90
0.51 17.94
0.53 18.41
11.16 4.60
11.29 4.68
11.41 4.78
11.66 4.85
12.14 4.94
12.47 5.08
12.63 5.14
12.71 5.18
12.68 5.26
13.12 5.29
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5. Electricity, Gas & Water a. Electricity b. Gas c. Water. 6. Construction 7. Wholesale & Retail Trade 8. Hotel & Restaurant 9. Transport, Storage & Communication. a. Surface transport b. Water transport c. Air transport. d. Support transport services, storage. e. Post & telecommunication.
1.54 1.27 0.17 0.07 8.41 13.77 0.66 9.62 6.86 1.08 0.14 0.37
1.59 1.30 0.17 0.07 8.63 13.87 0.67 9.76 6.95 1.03 0.13 0.35
1.64 1.34 0.18 0.08 8.83 13.97 0.68 9.79 6.96 0.97 0.12 0.33
1.65 1.37 0.18 0.08 9.03 14.92 0.68 9.98 6.85 0.93 0.12 0.32
1.63 1.38 0.09 0.08 9.14 14.08 0.69 10.07 6.67 0.89 0.12 0.32
1.57 1.30 0.19 0.09 9.15 14.24 0.70 10.18 6.50 0.85 0.11 0.32
1.59 1.31 0.19 0.09 9.13 14.37 0.70 10.44 6.42 0.82 0.11 0.32
1.59 1.31 0.19 0.09 9.12 14.41 0.71 10.65 6.38 0.79 0.12 0.34
1.60 1.32 0.20 0.09 9.10 14.36 0.72 10.79 6.21 0.72 0.12 0.34
1.59 1.31 0.19 0.09 9.07 14.27 0.73 10.91 6.21 0.72 0.12 0.34
1.16
1.41
1.76
2.08
2.40
2.40
3.02
3.31
3.31
11. Real Estate, Renting & others Business Activities. 12. Public Administration 2.60 and Defense.
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2.60
2.63
2.68
2.71
2.75
2.76
2.78
2.84
2.92
13. Education 14. Health and Social Work 15. Community, Social and Personal Services. 16.GDP
Source: Economic Review of Bangladesh Table 4: Sector- wise GDP at Constant Price Base Year (1995-1996)
Sector/Sub-sector 1. Agriculture & Forestry a. Crops & horticulture b. animal farming c. Forest and related services
2. Fishery. 3. Mining & Quarrying a. Natural gas & crude petroleum b. Others mineral resources
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11713 2326
11986 2493
12356 2684
12807 2909
13308 3178
13850 3443
14429 3751
15029 4120
15652 4482
16474 4698
1357
1498
1633
1780
1949
2106
2280
2488
2690
2719
4. Industry (Manufacturing) a. Large & mediumscale. b. Small- Scale. 5. Electricity, Gas & Water a. Electricity b. Gas c. Water. 6. Construction 7. Wholesale & Retail Trade 8. Hotel & Restaurant 9. Transport, Storage & Communication. a. Surface transport b. Water transport c. Air transport. d. Support transport services, storage. e. Post & telecommunication.
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10. Financial Intermediations. a. Bank. b. Insurance. c. Others. 11. Real Estate, Renting & othera Business Activities. 12. Public Administration and Defense. 13. Education 14. Health and Social Work 15. Community, Social and Personal Services. 16.GDP at Constant Price Growth Rate (%)
3489
3722
3983
4338
4707
5139
5596
6099
6809
7466
5637
5932
6351
6860
7420
8044
8543
9142
9906
10864
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Table 4: Sector Wise GDP Growth Rate at Constant Prices (Base Year- 1995-96)
Sector/Sub-sector 1. Agriculture & Forestry a. Crops & horticulture b. Animal farming c. Forest and related service 2001-02 -0.62 -2.39 4.70 4.91 2.22 4.53 2002-03 3.29 2.88 4.51 4.43 2.23 7.17 2003-04 4.38 4.27 4.98 4.18 3.09 7.66 2004-05 1.80 0.15 7.23 5.09 3.65 8.83 2005-06 5.23 5.03 6.15 5.18 3.91 9.26 2006-07 4.69 4.43 5.49 5.24 4.07 8.33 2007-08 2.93 2.67 2.44 5.46 4.18 8.94 2008-09 4.10 4.02 3.48 5.69 4.16 9.84 2009-10 5.56 6.13 3.38 5.23 4.15 8.80 3.48 3.90 5.25 4.80 2010-11
4.82
5.65
2. Fishery. 3. Mining & Quarrying a. Natural gas & crude petroleum b. Others mineral resources
4.93
8.91
8.98
9.02
9.52
8.03
8.26
9.15
8.12
1.05
5. Electricity, Gas & Water a. Electricity b. Gas c. Water. 6. Construction 7. Wholesale & Retail Trade 8. Hotel & Restaurant
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9. Transport, Storage & Communication. a. Surface transport b. Water transport c. Air transport. d. Support transport services, storage. e. Post & telecommunication.
6.56
6.85
6.21
7.97
7.98
8.03
8.55
8.01
7.69
5.96
10. Financial Intermediations. a. Bank. b. Insurance. c. Others. 11. Real Estate, Renting & others Business Activities. 12. Public Administration and Defense. 13. Education 14. Health and Social Work 15. Community, Social and Personal Services. 16. GDP Growth Rate (%)
6.70
6.67
7.02
8.92
8.50
9.18
8.89
8.99
11.64
9.64
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Industry sector
The broad industry sector was estimated to grow by 8.16 percent in FY2010-11 compared to the growth of 6.49 percent in FY2009-10. Within the broad industry sector, mining and quarrying sector was projected to grow at the rate of 4.85 percent in FY2010-11, which grew at 8.80 percent in FY2009-10.
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Among these sub-sectors, natural gas and crude petroleum and other mining sub-sectors would grow by 1.04 percent and 10.56 percent respectively in FY 2010-11 compared to the growth rates of 8.12 percent and 9.84 percent in the previous fiscal year which are relatively fair enough from the previous FY like FY 2001-02, 2002-03, 2003-04 but in FY 2008-09 it was increased at 10.90 percent. According to the Quantum Index of Industrial Production (QIP) of Bangladesh Bureau of Statistics, the growth rate of the production of large and medium scale manufacturing industries was in a good condition while we see that in FY 2001-02 4.16 and 10.69 percent in FY 2010-11. Production in these sectors, especially those relating to food items, industrial chemicals, other chemical products, petroleum refinery, other non-metallic mineral products and iron and steel industry showed moderate growth in the first six months of FY2010-11. Ready-made garments and knitwear showed remarkable growth in FY2010-11. Performance of other industries registered insignificant growth except sugar, carpet and rugs, paper and paper products, electrical machinery etc. which show a downward growth. Small and cottage industries showed a decreasing trend in production during the first half of FY2010-11 compared to the level of production of the same period of the previous fiscal year. It was expected that the small scale industries would achieve 7.34 percent growth in FY 2010-11 compared to 7.77 percent growth in FY 2009-10. The overall growth rate of manufacturing sector was estimated to be 9.51 percent in FY 2010-11. The overall growth rate of the power, gas and water supply sector is likely to be 5.96 percent in FY 2010-11 as compared to 7.28 percent in FY 2009-10. The growth rate of this sector declined due to decreased Production of natural gas. The overall construction sector was expected to achieve higher growth due to increased construction activities including public sector construction. The construction sector was estimated to grow by 6.37 percent during FY2010-11 against 6.01 percent growth in FY 2009-10.
Service Sector
The growth in service sector during FY2000-01 was broad-based and almost all the sectors within the broad service sector were estimated to grow moderately compared to the growth of the previous fiscal year. Higher growth in agriculture and industry and expansion of trade related activities helped maintain satisfactory growth in this sector. Among the sectors, the output of the wholesale and retail trade was expected to grow at 6.06 percent in FY2010-11
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compared to 5.87 percent growth in the previous fiscal year. This happened due to increased industrial production and imported commodities during the fiscal year. The transport, storage and communication sector was expected to achieve a growth rate of 7.93percent in FY 2010-11 while the growth rate of this sector was 7.69 percent in FY 2009-10. Post and telecommunication sub-sector are at the forefront with a growth of 17.63 percent in FY 2010-11. The growth rate in the real estate, ranting and business activities sector was provisionally estimated at 3.96 percent in FY 2010-11 compared to 3.89 percent growth in FY 2009-10. Among the other services sectors, the growth rate of public administration and defense, education, and health and social services were expected to grow at the rate of 9.56 percent, 9.47 percent and 8.30 percent respectively in FY 2010-11. Furthermore, in FY 2010-11, community, social and personal service sector was estimated to grow by4.75 percent, slightly higher than the growth rate of the previous fiscal year.
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Figure 02: GDP trends in both Current & Constant Price In here we see that the trends of GDP growth rate in Bangladesh. What we see is that the trends of GDP in constant price are in a condition of increased way but it was also decreased at certain FY 2008 and FY 2009 but then it was started to increase.
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Table 08: GNI per Capita Income of Bangladesh (Current US$) Year Value 2000 380.00 2001 380.00 2002 380.00 2003 400.00 2004 440.00 2005 480.00 2006 500.00 2007 520.00 2008 570.00 2009 640.00 2010 700.00 Source: Bangladesh Bureau of Statistics Table 09: GNI per capita Income of Bangladesh (Constant US$) Year Value 2000 377.00 2001 390.71 2002 396.53 2003 406.84 2004 426.74 2005 446.71 2006 463.80 2007 483.52 2008 502.27 2009 523.98 2010 548.15 Source: Bangladesh Bureau of Statistics Table 10: GNI per capita growth (annual %) Year Value 2000 3.75 2001 3.64 2002 1.49 2003 2.60 2004 4.89 2005 4.68 2006 3.83 2007 4.25 2008 3.88 2009 4.32 2010 4.61 Source: Bangladesh Bureau of Statistics
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Figure 06: GNI per capita growth In this figure what we see that the GNI per capita income of Bangladesh was existed in an averagely increased level. In FY 2000 it was 3.75 % which can be said well for that time being but after that it has decreased in the next three years in FY 2001, FY 2002 and FY 2003. But after these years the rate has again increased in a good way like 4.89 and 4.68 in FY 2004 and in FY 2005 respectively. Now the condition if this rate is can be said that average not in increase way nor in decrease but it might be increased as the per capita income of Bangladeshi people are increasing day by day.
Fiscal Year
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07
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Export Target
5940 6405 7439 8565 10159 12500
Actual Export
5986.09 6548.44 7602.99 8654.52 10526.16 12177.86
2007-08 14500 2008-09 16298 2009-10 17600 2010-11 18500 Source: Export Promotion Bureau
295.73 327.96 262.31 283.36 258.99 277.95 315.93 290.44 369.18 291.94 425.75 327.40 515.66 459.01 579.23 653.88 615.51 970.80 623.92 1016.88
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FY11
5107.52 3438.70
866.42 1107.13
944.67
434.12
6756.22 22924.38
709
1184
248
148
4075
9335
2001-02
878
1019
871
655
441
312
346
261
145
3612
8540
2002-03
938
1358
1000
605
433
328
333
223
169
4271
9658
2003-04
1198
1602
911
552
433
377
420
226
255
4929
10903
2004-05
1642
2030
888
559
565
439
426
329
276
276
13147
2005-06
2079
1868
849
651
626
473
489
345
302
7064
14746
2006-07
2571
2268
1035
690
747
473
553
380
334
8106
17157
2007-08
3137
3393
1273
832
821
478
620
490
451
10134
21629
2008-09
3452
2864
1768
1015
851
498
864
461
703
10031
22507
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2009-10
3819
3214
1550
1046
788
542
839
469
1232
10239
23738
2010-11
5918
4569
1294
1308
777
731
1124
677
1760
15500
33658
food groups which are again divided into a number of sub groups. Consumer Price Index and inflation during FY 2001-02 to FY 2010-11 are shown in Table 05
Figure 03: Rate of Inflation (National) The rate of inflation (national) in FY 2010-11 stood at 8.80 percent which was 7.31 percent in the previous fiscal year. From the above table and graph, it is observed that there has been an increasing trend of inflation from FY 2001-02 to FY 2007-08. In FY 2008-09 the rate of inflation came down but in FY 2009-10 the rate increased again and continued in 2010-11. During 201011 food inflation was higher than non-food inflation. It is to be noted that the weight of food and
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non-food item in the urban-CPI are 48.8 percent and 51.2 percent and that in rural-CPI 62.96 percent and 37.04 percent respectively. The rate of inflation at the national level in July, 2010 was 7.26 percent on a point-to -point basis. After assumption of office, the present government has taken initiatives to lower the price level and to keep the prices of essential commodities such as rice, edible oil, pulse etc. stable. Despite that, due to the price hike of essential consumer goods in the international market the rate of inflation stood at 10.17 percent in June, 2011. During this period, food inflation rose to 12.51 percent in June from 8.72 percent in July showing a sharp increase.
consumer prices
Source: Bangladesh Bureau of Statistics Trends of inflation rate in Bangladesh in last 10 years
Inflation Rate in Bangladesh is reported by the Bangladesh Bureau of Statistics. In this context Bangladesh Inflation Rate averaged 2.483 in FY2000 and 8.126 percent in 2010 Percent in Bangladesh; the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. This page includes a chart with historical data for Bangladesh Inflation Rate. The rate of inflation in is increasing mood because as we see from the table 06 that in FY2000, FY 2001 and FY 2002 the inflation rate was not so high it was in a control mood but after that it became increased over 5 and started to grow gradually year by year which is not good for the country like Bangladesh. But in FY 2009 it was decreased at certain point but again started to increase later.
Exchange Rate
The USDBDT spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the BDT. While the USDBDT spot exchange rate is quoted and exchanged in the same day, the USDBDT forward rate is quoted today but for delivery and payment on a specific future date. This page includes a chart with historical data for USDBDT - Bangladeshi Taka Exchange rate. More than a decade Bangladesh pursued a flexible exchange rate policy. Beforehand, the exchange rate of Taka used to be attuned from time to time to keep it competitive based on the rate of inflation and movement of exchange rates as well as trade weights with partner countries. Introduction of free float exchange rate since May 2003 did not fetch in any major instability in the economy so far. Although, the US dollar linger stronger against Taka during the period of late 2003 through April 2004 but the situation after that did not aggravate and the value of Taka remained stable between May 2004 to August 2004. Since August 2004 Taka showed stability and from August 2004 to March 2005 Taka showed some resilience against US Dollar. Despite the rapid development of private sector with increasing credit flow; much higher growth in import of capital machinery and primary goods due to devastating flood and hike of the oil price in international market were mainly responsible for the fluctuation of exchange rate. Due to constant monitor and supervision by the central bank of Bangladesh and booster of greenback into foreign exchange market the exchange rate remained stable. On June 30, 2004 the official and interbank market exchange rate of Taka-Dollar remained firm, whereas, the value of Taka was 59.30 and 61.50 correspondingly. Even though, in open market the dollar was charged comparatively more than interbank market exchange rate. However, on June 30, 2004 the exchange rate of dollar was moving upward slightly from Tk. 61.00 to 62.20 in this market. The exchange rates of Taka per US Dollar during the last decade is presented in the graph.
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Exchange Rate
90 80 70 60 50 40 30 20 t 10 o 0 E q u a l 1 $
Exchange rate
Year
Figure 05: Exchange Rate In this particular figure we see that the exchange rate of Bangladeshi money (BD TK) change several times the value of USD is increasing day by day in Bangladesh. In FY 2000-01 the exchange rate of USD in BD taka was around 53 and gradually It was started to increase and still now it is in a mood of getting up and down.
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FDI in Bangladesh
Foreign Direct Investment (FDI) is considered as one of the crucial ingredients for fostering economic development of a developing country. Countries that are lagging behind to attract FDI are formulating and implementing new policies for attracting more investment. Even compared to other South Asian countries, FDI inflow to Bangladesh has traditionally been lower. The future outlook of FDI is grim. Based on the recent years performance, it is predictable that the share of FDI as percentage of GDP may decline by widening gaps between the projected medium term targets by the government and the actual receipts of the inflow. The FDI inflows as percentage of total investment may decline further. Table 11: Foreign direct investment, net (BoP, current US$) Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bangladesh Bank Table 12: Foreign Direct Investment, net inflows (BoP current US$) Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Value $280,384,600.00 $78,527,040.00 $52,339,470.00 $268,285,200.00 $448,905,400.00 $813,322,000.00 $697,206,300.00 $652,818,700.00 $1,009,623,000.00 $713,383,100.00 $916,907,200.00 Value $280,384,600.00 $78,527,040.00 $49,662,440.00 $265,507,400.00 $444,836,600.00 $811,382,100.00 $697,206,300.00 $652,818,700.00 $1,009,623,000.00 $713,383,100.00 $916,648,500.00
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Table 13: Recent trends in FDI in Bangladesh (US$ millions) FY 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 Source: Bangladesh Bank
1200 1000 800 600 400 200 0
Value 385.2 393.8 393.8 284.1 803.8 744.6 792.8 768.7 960.6 342.2
shows that FY 2011-12 might be a net FDI receipt of USD 806.52 million. If the current trends of FDI persist, the country might receive USD 888.96 million in FY 2014-15 and the growth of FDI might be only 3.19 percent. There was a significant jump of from FY 2003-04 and 2004-05 but after that the incremental growth is neither significant nor adequate.
Balance of Payments
Trade balance recorded a deficit of US$ 7328 million in FY2010-11 as compared to the deficit of US$ 5155 million in FY2009-10. In this period, growth rates of exports and imports were 41.74 percent and 41.84 percent respectively, but the trade deficit increased due to larger base of imports though the growth rates are very proximate. The current account balance stands at US$ 995 million while it was US$ 3724 million in the previous fiscal year. Services, trade faced set back during this period as deficits increased 94.48 percent, 42.15 percent and the deficit of income decreased 9 percent while the growth of current transfers was 4.13 percent . As a result, current account surplus shrank drastically. During this period, the overall balance had a deficit of US$ 635 million whereas there was surplus of US$ 2865 million in the last fiscal year. Balance of payments of the fiscal years between 2001 and 2011 is shown in the table.
Table 15: Balance of payments in Current account (% GDP) Year 2000 2001
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2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bangladesh Bank
2000
2001
2002
2003
2004
2005 year
2006
2007
2008
2009
2010
Balance of trade
Bangladesh recorded a trade deficit of 814.10 USD Million in January of 2013. Balance of Trade in Bangladesh is reported by the Bangladesh Bank. Historically, from 1995 until 2013, Bangladesh Balance of Trade averaged -1189.48 USD Million reaching an all time high of 56.40 USD Million in August of 2009 and a record low of -5370.60 USD Million in June of 2008. Bangladesh exports mainly ready made garments including knit wear and hosiery (75% of exports revenue). Others include: Shrimps, jute goods (including Carpet), leather goods and tea. Bangladesh main exports partners are United States (23% of total), Germany, United Kingdom, France, Japan and India. Bangladesh imports mostly petroleum product and oil, machinery and parts, soyabean and palm oil, raw cotton, iron and steel and wheat. Bangladesh main imports partners are China (17% of total), India, Indonesia, Singapore and Japan. This page includes a chart with historical data for Bangladesh Balance of Trade.
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Year
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Bangladesh Bank
Value
-1784.4 -1934.2 -1699.9 -2143.4 -2209.9 -3177.6 -2745.5 -3263.1 -5370.6 -4726.2 -880.2 -1550
Balance of Trade
3000 2000 1000 0 -1000 -2000 -3000 -4000 1 2 3 4 5 6 7 8 9 10 11 12
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References:
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