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EPB delaying release of June export data after shocking mismatch caught by BB

BTJ Desk Report
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EPB delaying release of June export data after shocking mismatch caught by BB

Export Promotion Bureau (EPB) of Bangladesh is delaying the release of June’s export data due to discrepancies revealed by the Bangladesh Bank. The central bank’s recent corrections showed that actual exports from July-April of FY 2023-24 were nearly $14 billion less than previously reported by the EPB, marking a significant financial shock.

Typically, the EPB releases export data within the first three days of the month. However, this delay follows the central bank’s publication of corrected export earnings figures, which highlighted the discrepancies. State Minister for Commerce Mr. Ahasanul Islam Titu explained that the EPB is addressing these mismatches.

EPB’s figures, based on shipment data from the National Board of Revenue (NBR), did not account for returned goods. Errors ranged from serial duplication to miscalculations of fabric values and miscounts of sample items. For instance, in garment orders, the EPB incorrectly included fabric and accessory prices instead of just the making charge.

Additionally, sales from export processing zones were counted twice, exacerbating the discrepancies. These issues have persisted for over 12 years, with a $12 billion gap reported in 2022-23. The commerce ministry plans to implement a new project to enable the EPB to independently calculate export data to prevent such issues in the future.

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