Refayet Ullah Mirdha

Bangladesh’s exports surged in November as it raked in $4.04 billion, reflecting the strong demand for apparels from the country following reopening of US and European economies from the severe fallout of Covid-19, official figures showed yesterday.

Export earnings surged 31 per cent year-on-year to $4 billion in November from a year ago, thanks to the rebound in the apparel shipment in the European and the US markets for increased consumers’ demand following the Covid-19 pandemic fallout.

Every e-commerce and F-commerce company in Bangladesh will soon have to apply for a Unique Business Identification Number (UBIN) from the Digital Commerce Cell (DCC) as the commerce ministry is set to launch the registration from this month.

The country’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), is going to launch a 16-day event in Dhaka to commemorate the country’s 50 years of independence.

Not even a month has gone by yet edible oil refiners are again proposing hiking prices for the fourth time this year, reasoning it to be a ripple effect of international rates.

The World Trade Organisation (WTO) has postponed the imminent Ministerial Conference after an outbreak of a particularly transmissible strain of Covid-19 led several governments to impose travel restrictions that would have prevented many ministers from reaching Geneva.

A cocktail of challenges and opportunities await Bangladesh as it enters the developing nation bracket in 2026 after the United Nations General Assembly on November 24 gave its graduation the final approval.

The Tazreen Fashions fire, one of the nation’s deadliest industrial incidents, was an eye-opener for the garment sector, showing that the cost of non-compliance in business operations was very high.

The export potential of clear float glass (CFG) from Bangladesh to India will face a setback if New Delhi imposes anti-dumping duty on the imports to shield local manufacturers, industry people say.

A measure proposed by the European Union may affect Bangladesh’s robust apparel shipment to the bloc even if the country is awarded the Generalised System of Preferences (GSP) Plus status after its graduation to a developing nation.

Bangladesh has joined other least-developed countries (LDCs) to demand the continuation of partial fisheries subsidies as nations are set to agree to new rules for the industry and limit state support contributing to unsustainable fishing and the depletion of global fish stocks.

Rice price in Bangladesh has remained at an elevated level despite higher imports in recent months on the back of lower customs duty and reduced price in the international market as well as a record stock in government warehouses.

The refunding of the e-commerce companies’ stuck up money at the central bank’s payment gateway to the affected e-commerce consumers and merchants will delay further because of delays in vetting by the law ministry.

The commerce ministry yesterday formed a six-member committee to review the existing formula, which the government has been following since 2011 to fix the prices of basic commodities.

The commerce ministry today formed a six-member committee to review the existing formula, which the government has been following since 2011 to fix the prices of basic commodities.

Losses piled up for local traders and exporters yesterday as goods could not move owing to the countrywide transport strike.

The countrywide transport strike disrupted the smooth functioning of the apparel supply chain in Bangladesh for the second straight day yesterday, hurting the recovery of the garment shipment.

Premium prices from international clothing retailers and brands have remained elusive for deserving local textile and apparel makers who have doled out extra money and efforts in setting up green buildings and adopting eco-friendly manufacturing practices.

The consumers and merchants who have been the victims of fraudulent business activities by some e-commerce companies but did not file cases will get back their funds soon, a source said yesterday.

Exporters in Bangladesh have kept setting new records as merchandise shipment fetched $4.72 billion in October, the highest single-month receipts.