SEC-S15W5: "Foreign Exchange"
Steemian Friends,
Today, I will participate in Week 05 of Steem For Bangladesh Community Engagement Challenge Session 15. Learned a lot from writing a very nice topic SEC-S15W5: "Foreign Exchange". I hope everyone will like my writing.
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My country's name is Bangladesh. Our country has several sectors of foreign exchange earnings. Three sectors of the highest income are:
- Income received from foreign labor market
- Garment industry
- Tea and leather
The main sector of foreign income of our country is the wages received by Bangladeshi workers abroad which has strengthened the country's economy. Many people in our country can say that the highest income comes from the clothing industry. But some part of the garment industry income goes abroad. For example, various tools for making clothes have to be exported from abroad. The rest of the garment sector remains in Bangladesh. All the money received by Bangladeshi workers abroad contributes to the country's economy. As such, the main sector of our country's foreign income is money from the wages received by foreign workers.
According to the World Bank, Bangladesh ranks seventh in the world in terms of expatriate income. Bangladesh's expatriate income was 23 billion US dollars in 2023. Last year, 1246 thousand laborers from Bangladesh went abroad for work. Which is much more than the previous year. Bangladeshi workers work with reputation in different countries of the world. We are proud of Bangladeshis abroad because their tireless work has kept our economy in good shape.
Another major source of foreign income in our country is the garment industry sector. According to many, the garment sector is the largest foreign earner. However, as I mentioned above, some of the income for the garment industry is spent on importing raw materials, so I have considered the garment industry as the second sector. Bangladesh is the world's second-highest foreign exchange earner in this sector, despite a slight decrease in income due to the impact of the Russia-Ukraine war. Bangladeshi garments are being exported to most European countries. The income of the garment industry sector has a positive impact on the economy of Bangladesh.
Our country earns a lot of foreign exchange by exporting tea and leather products. The tea of our country is being exported to different countries of the world. Last year 1.4 million kg of tea was exported from our country. A lot of foreign exchange is earned from this sector.
Bangladesh earns a lot of foreign exchange by selling leather and leather products. Bangladesh exports the most leather products to China. Also, Bangladesh exports leather and leather products to various countries of the world. Leather industry is the third largest foreign exchange earner in Bangladesh.
The largest sector of our country's foreign exchange earnings is the money earned by workers from the labor market abroad. A record number of people from Bangladesh go to work abroad every year. Especially from Saudi Arabia and Dubai, most of the foreign exchange comes to the economy of Bangladesh. Most of Bangladesh's overseas workers are from Saudi Arabia and Dubai. However, the people of Bangladesh are working as laborers in different countries of the world. The largest sector of Bangladesh's foreign exchange earnings is therefore the income received from the foreign labor market.
Our country's foreign reserves mainly depend on the income received from the foreign labor market. But there are other sectors such as ready-made garments, tea and leather industry. However, if the income of workers staying abroad decreases, it will have an adverse effect on the economy of our country. Because most of the foreign exchange reserves are remittances from workers stationed abroad.
I think our country's economy will be weakened if the income of overseas workers decreases. Because expatriate income plays a big role in keeping our country's economy strong every year. If the expatriate income decreases, the country's economy will become fragile. Our country's foreign exchange reserves will decrease. If the country's economy is weak, every sector will be weak. Then the price of everything in the country will increase. Per capita consumption will increase.
| SL No. | My Invited Steemit Friends |
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| 1 | @paholags |
| 2 | @josepha |
| 3 | @f2i5 |
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Interesting your approach, Bangladesh bases its economy on tea and leather, I like that. There is a lot of competition but the market is wide and if the tea from there has stood out is for something.
It would be great if they had all the necessary machinery and thus not depend on foreign technology, I hope that in the near future that will happen and that money that today is outflow in that aspect will represent foreign exchange for the country.
In any case it is a country rich in human talent, enormous cultural wealth that deserves the admiration of all.
Dear, Thank you so much for reading my post and leaving a nice comment. God has given some natural resources to every country.
¡Holaaa amigo!😊
Te cuento que, varios diarios de usuarios que son de tu país me habían dado la proyección de que, Bangladesh trabaja mucho la confección y, ahora leyendo tu publicación comprendí mejor todo porque, veo que esa es una de las maneras que emplean para adquirir divisas y lograr que el país tenga estabilidad económica.
Te deseo mucho éxito en la dinámica, un fuerte abrazo💚
Dear, Thank you very much for reading my post and leaving a nice comment.
Hi I hope you are doing great. Its great to see you here. Foreign exchange: where currencies meet, influenced by global events, driving trade and investment. Investors engage in foreign exchange to hedge risks, seek opportunities for profit, and facilitate international trade, contributing to the interconnectedness of the global economy.
Best of luck in future.
Dear, Thank you very much for reading my post and leaving a nice comment.