Macroeconomic
indicators, especially scenario of overall export- import and particularly
exchange rate between USD (United States Dollar) - BDT (Bangladeshi Taka) of
Financial Year 2011- 2012 (FY 11-12) of Bangladesh comparing to other countries
of South Asian Association for Regional Cooperation (SAARC) is showing that the
country, Bangladesh is now heading to be the 2nd largest economy of
this region by substituting Pakistan.
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Increasing
trend of value of export during 2010 to 2012.
|
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Decreasing
trend of value of export during 2010 to 2012.
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According
to the Monthly Economic Trends (October 2012), one of the publications of
Bangladesh Bank, during the FY 11-12 total export of Bangladesh amounted to US$
24,301.9 million and total import came down to US$ 35,916 million (cost &
freight). Whereas according to the Exports & Imports of Pakistan, one of
the publications of State Bank of Pakistan, the country Pakistan experienced
total export and import of US$ 23,624 million and US$ 44,912 million (cost
& freight) respectively. That is why, whether the value of export of
Bangladesh was higher in FY 11-12 than that of Pakistan but the value of import
of former country was lower than that of latter country, which indicates
Bangladesh performed better in international trade by narrowing trade deficit (approx.
US$ 11,614 million) than Pakistan, which had broader trade deficit (approx. US$
21,288 million) then. It is being now believed that though according to a
report, published by International Monetary Fund (IMF) in April 2012 depicts
that nominal Gross Domestic Product ($210.566 billion) of Pakistan in FY 11-12
was higher than that ($113.032 billion) of Bangladesh but, last year export-
import cases of the Bangladesh strongly validate to be the next second largest
economy of the SAARC by substituting Pakistan within a very short time.
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Total
GDP of corresponding SAARC countries, i.e., Afghanistan, Bangladesh Bhutan,
Maldives, Nepal & Sri Lanka during FY 11-12.
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In
addition the report of IMF, published in April 2012 also illustrates that
Bangladesh is already far more ahead than Afghanistan ($18.181 billion), Bhutan
($1.488 billion), Maldives ($1.944 billion), Nepal ($17.921 billion) and Sri
Lanka ($59.095 billion), in terms of nominal GDP.
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Stable
Bangladeshi Currency (BDT) Exchange Rate with USD during 2010- 2012.
|
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Depreciating
trend of Pakistani Currency (PKR) Exchange Rate with USD during 2010- 2012.
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Meanwhile
the BDT had become more powerful than to Pakistani Rupee (PKR) in terminology
of exchanging domestic currency with USD. The prevailed situation says that the
last year (FY 11-12) average USD- BDT exchange rate was 79.2102 (October 2012,
Bangladesh Bank) where, at the same financial year average USD- PKR exchange
rate was 89.3452. This superior particular phenomena shows that BDT is more
powerful to hold its exchange value than to PKR, in turns which is the more
lubricating point to foreign investor as they will have more confidence in
store value of net profit when it is in BDT thus it can be seen in future that
they will start to invest in Bangladesh more and more.
Yes,
the above two cases really confirm the world that the economic roar of
Bangladesh is getting louder day by day and it is the start only!
©
Enamul Hafiz Latifee
The writer is a student of Department of Economics, Shahjalal University of Science
& Technology, Sylhet.
E-
mail: enamul.hafiz.sust@gmail.com
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