Bangladesh'S Media Article Discusses The Impact Of The Epidemic On The Decline Of Chinese Imports From Bangladesh.

A commentator article published in Bangladesh's Financial Express in February 23rd said that because the outbreak of new crown pneumonia has caused great harm to China's second largest economy in the world, any country closely related to China's economy and trade should pay attention to the economic and trade impact it will receive. About 30% of Bangladesh's total imports come from China, and many textile industries use raw materials from China. As of February 21st, the volume and value of goods imported from China decreased by 20.87% and 8.29% respectively from January 1st to date. In particular, the Meng textile industry was hit hard by the decline in imports of raw materials. It is impossible for Meng to import imported textile products from other imported channels to substitute products from other alternative channels. Local raw materials and other subsidiary materials processing enterprises take advantage of this opportunity to raise the price of products.

The decline in imports from China will also affect Bangladesh's fiscal revenue, because tariff revenues will fall. According to theNationalBoardofRevenue estimates, if the new crown pneumonia epidemic causes bad economic impact, the import tax revenue of Bangladesh's inland revenue will be reduced by 7%-8% compared to the expected target. Because many of the raw materials imported from the garment processing industry enjoy the tax exemption policy, the impact of losses is not as high as two digits.

The article also says that for many countries, China has always been a stable source of production and suppliers for all kinds of goods and services of high quality and low price. If there are problems in this part of the supply chain, it will aggravate other effects caused by the epidemic.