Trade in services crosses $10 billion-mark

FE Online Report | Published: June 18, 2018 13:08:18 | Updated: June 20, 2018 19:44:34


Country’s trade in services with the rest of the world crossed US$ 10 billion in the first 10 months of the current fiscal year.

Statistics available with Bangladesh Bank showed that the amount stood at $10.17 billion in the July-April period of FY18, which was $8.82 billion in the same period of FY17.

The central bank data also showed that deficit in the service trade reached at $3.77 billion during the period under review.

The deficit was $2.76 billion in the 10 months of the past fiscal year.

Trade in services is estimated by taking into account the value of services exchanged between residents and non-residents of an economy, including those provided through foreign affiliates abroad.

Earnings for the exports of services, recorded as credit or receipts in the services account of the balance of payments (BoP), stood at $3.62 billion in the July-April period of FY18.

Payments for the imports of services reached $7.39 billion during the same period.

Trade in services refers to a variety of services related to transport (both freight and passengers), travel, communications (postal, telephone, satellite, etc.),

construction, insurance and finance, computer and information, royalties and license fees ,and other business and government services.

 

 

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