The Export Promotion Bureau (EPB) is taking more time than it usually does to release the export data for June apparently because of the shock following the central bank’s correction of overseas sales figures.
Bangladesh Bank data showed on Wednesday that actual exports in July-April of fiscal year 2023-24 were nearly $14 billion below the shipment value of goods published by the EPB earlier, one of the biggest shocks in the financial sector in recent times.
Usually, the wing of the commerce ministry releases the export data of the previous month within the first three days of the current month. This time, the release was delayed after the central bank published corrected figures on export earnings, ending the discrepancy between the real receipts and the data shared by the EPB.
“Maybe, the EPB is sorting out the data since a mismatch was detected in the calculation of the export data,” State Minister for Commerce Ahasanul Islam Titu told The Daily Star yesterday.
The EPB comes up with the figures based on the shipment data from the National Board of Revenue (NBR) and does not consider if the goods are sent back.
Anomalies range from serial duplication errors to miscalculations of the value of fabrics to repeated miscounts of sample items as exports, according to the BB.
For example, in the case of garment orders under a manufacturing process known as cutting, making and trimming, the EPB calculated the prices of fabrics and all accessories, although it was supposed to take into account the making charge only.
Sales by companies inside the export processing zones were counted twice — first during shipment from the EPZs to local firms and second during shipment from the ports by the exporters.
The difference between export figures has been persisting for at least 12 years, with the gap crossing $12 billion in 2022-23, the BB said.
Titu also said a new project will be taken soon by the commerce ministry so that the EPB itself can calculate the data independently.
Daily Star