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EPB to coordinate with Bangladesh Bank, NBR for accurate export data publication

EPB to coordinate with Bangladesh Bank, NBR for accurate export data publication

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In the past two fiscal years, nearly $23 billion in export income was misreported over a span of 20 months

UNB

Publisted at 9:13 PM, Mon Jul 8th, 2024

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The Export Promotion Bureau (EPB) has decided to overhaul its export data collection system following the revelation of significant discrepancies in reported export volumes.

The state entity is now taking steps to modernize the compilation and presentation of trade data, coordinating with export-related institutions. An official from the EPB said that a Standard Operating Procedure (SOP) will be followed to ensure accuracy and consistency.

Historically, the EPB published export data based on its calculations, often resulting in significant differences from the figures reported by Bangladesh Bank and the National Board of Revenue (NBR).

“The export data has recently been corrected after the issue was brought to our attention belatedly,” said the official.

In the past two fiscal years, nearly $23 billion in export income was misreported over a span of 20 months. For more than two years, the EPB had been publishing incorrect export data.

In response, the EPB held a discussion meeting with relevant institutions on Monday to address the data collection methodology. Representatives from Bangladesh Bank, NBR, the Bangladesh Bureau of Statistics (BBS), the Trade and Tariff Commission (TTC), and the Bangladesh Foreign Trade Institute (BFTI) attended the meeting at the EPB office in Karwan Bazar, Dhaka.

During the meeting, EPB officials noted that primary export data is sourced from the NBR, which is also utilized by the EPB, Bangladesh Bank, and BBS. However, methodological differences in data collection have led to discrepancies in the published data. This issue arose from the absence of a standardized data collection process.

To address these discrepancies, the EPB is not only correcting previous export information but also initiating the coordinated publication of data with other related institutions.

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