|Published : 19 Apr 2017, 16:18:38 | Updated : 19 Apr 2017, 19:52:28|
Export to UK drops
FE Online Report
Country’s merchandise export to the United Kingdom (UK) dropped by around seven per cent in the first nine months of the current fiscal year (FY17).
Statistics available with the Export Promotion Bureau (EPB) of Bangladesh, export to the UK dropped to $2.62 billion in July-March period of the current fiscal year from $2.82 billion in the same period of last fiscal year.
The decline in export may be attributed to the negative impact of the Brexit or Britain’s exit from the European Union (EU).
After the Brexit vote, UK’s currecny declined sharply against the major currencies.
Earlier, a quick analysis of the commonwealth secretariat showed that Bangladesh would be the most affected developing countries of the Commonwealth in terms of tariff.
As a consequence of the UK’s pullout from the EU, Bangladesh has to pay $400 million additional import duty which is around 11 per cent of the country’s total annual export to the UK.
Annual export to the UK was $3.8 billion in the last fiscal year.