Export To UK Plummets
The country’s merchandise export to the United Kingdom (UK) drops by 6 percent in 10 months of the current fiscal year (FY17).
Statistics available with the Export Promotion Bureau (EPB) of Bangladesh showed that export to the UK dropped to $2.94 billion in July-April period of the current fiscal year from $3.12 billion in the same period of last fiscal year.
The negative impact of the Brexit or Britain’s exit from the European Union (EU) may be attributed to as the reason for such decline.
Earlier, a quick analysis of the Commonwealth Secretariat showed that Bangladesh would be the most affected developing country 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 total annual export to the UK.
Bangladesh exported $3.8 billion merchandise to the UK in the last fiscal year.