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EPB to add service sector to export earnings

  • Published at 01:59 am August 21st, 2016
EPB to add service sector to export earnings
According to Bangladesh Bank data, in the last fiscal year Bangladesh earned $3.19bn from service sector exports with 12.85% rise from the previous year’s $2.83bn. The total export volume in the year was $34.25bn, growing 9.77% from a year earlier. In the FY2014-15, the total earning amounted to $31.20bn. If the service sector exports were included, the total export volume in the last fiscal year would be $37.45bn. Bangladesh’s service sector earnings come from transportation of passengers and goods, freight, travel, business, communication, construction, insurance, financial services, computer and information services, royalties and licence fees, entertainment, cultural and recreation services and government services. As part of initiatives, the EPB directors concerned on August 4 held a meeting with the Bangladesh Bank statistics department to discuss ways how they could get service sector export data from the central bank. Bangladesh Bank has in principle agreed to supply data to the EPB. Later, the central bank urged the EPB to send a proposal in black and white to the governor seeking the data. EPB Vice-Chairman and CEO Mafruha Sultana sent a letter to the governor on the matter. But the central bank was yet to respond formally, EPB officials said. “We have not got any response from Bangladesh Bank yet. However, the central bank authorities verbally agreed to supply data,” said a high official of the EPB told the Dhaka Tribune requesting anonymity. “There is nothing wrong with any of us (BB and EPB). Hopefully we will get it very soon.” “The aim of the move is to include service sector in total export figure and give a real picture of the country’s overall export earnings,” EPB vice-chairman said. She said: “In the service sector, there are both formal and informal export earnings. We want to analyse potentials of the service sector considering the earnings coming through formal channels.” Mafruha said with the inclusion of export earnings of service sector the total amount of the country’s exports would be bigger, she added.