Bangladesh's current account surplus with the EU reached $23.08 billion in FY 2023-24, primarily due to strong clothing exports totaling $18.63 billion. The EU remains Bangladesh's largest trading bloc, significantly contributing to trade surpluses with other regions as well. However, the service sector showed a deficit of $240 million. Remittance inflows from the EU rose to $4.93 billion, a 33% increase from the previous year. Bangladesh benefits from the EU's 'Everything but Arms' (EBA) initiative, providing duty-free access for most exports. The EU accounts for about 20% of Bangladesh's external trade, predominantly in clothing. Economists warn that these trade benefits may end after Bangladesh graduates from LDC status in 2026, urging the need for enhanced competitiveness and proactive negotiations for preferential trade agreements to retain market share. (ICE NEW DELHI)

Fonte notizia: Financial Express