Bangladesh's trade in services gap stands at $3b

FE Online Report | Wednesday, 4 August 2021

The country’s deficit in trade in services with the rest of the world stood at $3.01 billion in the last fiscal year (FY21).

This gap records 17 per cent rise over the previous fiscal year's trade in services deficit.

The latest balance of payments (BoP) table, released by Bangladesh Bank, unveiled the statistics.

It is, however, a provisional estimate and subject to revision in near future.

The value of exports of services stood at $7.40 billion in FY21, registering 10.13 per cent growth over $6.71 billion in FY20, according to the central bank statistics.

Import of services also increased by around 12 per cent to $10.40 billion in the last fiscal year against $9.29 billion in FY20.

Services usually refer to a broad range of economic activities such as accounting, financial and legal services, banking, transportation, tourism, and telecommunications.

Trade in services thus includes payments and receipts for the above mentioned service-related activities.

The central bank data also showed that annual trade in services in FY21 stood at $17.80 billion, registering 11.80 per cent growth over $16.01 billion in FY20.

The value of trade in services was, however, estimated at $17.48 billion in FY19.

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