GFMM desk: Due to the corona virus, world trade has been negatively affected. It can be said that import-export has kind of stopped. The situation is almost the same in our country. The already growing trade deficit is becoming more apparent. According to Bangladesh Bank, the trade deficit in the first eight months of the current financial year (2019-20) stood at 1 thousand crore77 lac 40 thousand US dollars, which is about 92,000 crore in Bangladeshi currency. The trade deficit has widened as export earnings have declined. Economists fear the situation will worsen in the last four months of the fiscal year.
Since December last year, the corona virus has spread worldwide, first in China and later in Europe and America. And as a result of the lockdown, commercial activities all over the world almost stopped. As a result, Bangladesh’s export earnings have fallen sharply since February. On the other hand, the amount of remittances has also decreased.
In such a situation of the country’s economy, economists have suggested that alternative markets and products need to be diversified for export. So far, they say, the foreign exchange reserves are in good condition with the currencies of other countries. Oil prices are also falling in the world market. It is possible to get good results if we can fix the fiscal policy keeping these positive issues in mind.
Foreign trade needs to increase to cut the current financial crisis, say those concerned. Therefore, we need to increase relations with the countries where the situation is getting better. And if we do not reduce our dependence on the West for our foreign trade and expand it, the economy will collapse.
In this regard, the former governor of Bangladesh Bank Dr. Salehuddin Ahmed said, in the changed context we have to be a bit tactful. Now we have to reduce the import of unnecessary, luxury and consumer goods. On the other hand, we have to try to increase exports. It is also necessary to find out whether there is any alternative system for this.