5 key developments in the economy last week
Bangladesh secured removal from the US intellectual property watch lists while exports surged 33% in April, but inflation climbed to 9.04% amid rising fuel costs. The Asian Development Bank committed $1 billion in budget support, and garment exporters sought clarity on US cotton tariff benefits under a reciprocal trade deal.
Bangladesh avoided inclusion in the US Special 301 Report on intellectual property, though Washington urged Dhaka to strengthen anti-piracy measures, particularly for counterfeit clothing. The report also highlighted delays in trademark registration despite recent trade commitments. Exports rebounded sharply in April, rising 33% year-on-year to $4 billion, ending an eight-month decline. Garment shipments led the recovery with 31.21% growth, though total earnings for July-April remained 2% below the previous fiscal year’s level. Garment exporters met with US trade officials to clarify zero-tariff benefits for apparel made with American cotton, following a February trade deal. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and government officials discussed duty-free facilities and labor rights during the visit. The Asian Development Bank (ADB) agreed to provide $1 billion in budget support by June, aimed at mitigating the impact of soaring energy prices. Finance Minister Amir Khosru Mahmud Chowdhury confirmed the funding in Uzbekistan, aligning it with the government’s renewable energy goals. Inflation rose to 9.04% in April from 8.71% in March, driven by fuel and transport costs amid Middle East tensions. Non-food inflation reached 9.57%, with economists warning of further price increases as adjustments take effect.
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