US President Donald Trump yesterday (6 February) signed an executive order threatening tariffs on Iran's trade partners, after he pledged a further round of talks with Tehran next week.

The order, effective from Saturday, called for a fresh "imposition of tariffs" on countries still doing business with Iran.

It comes amid heightened tensions between Washington and Tehran, with an American naval group led by an aircraft carrier in Middle Eastern waters and indirect talks held on Tehran's nuclear program in Oman on Friday.

The levies "may be imposed on goods imported into the United States that are products of any country that directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran", the order said.

Trump issued a threat of 25% tariffs on any country trading with Iran last month.

This order establishes a process for his administration to impose tariffs on goods from those countries.

The rate is to be determined by Secretary of State Marco Rubio, although the order specifies that it could be "for example" 25 percent, the level first mentioned by the US president in mid-January.

Tariffs would affect trade with a number of countries including Russia, Germany, Turkey and the United Arab Emirates.

More than a quarter of Iran's trade is with China, with $18 billion in imports and $14.5 billion in exports in 2024, according to World Trade Organization data.

The talks on Friday in Muscat, mediated by Oman, were the first between the two foes since the United States joined Israel's war with Iran in June with strikes on nuclear sites.

"We likewise had very good talks on Iran," Trump told reporters on board Air Force One en route to his Mar-a-Lago resort in Florida, adding, "we're going to meet again early next week."

Diplomatic relations between Iran and the US broke down with the 1979 Islamic Revolution that brought the current government into power after hostages were taken at the US embassy in Tehran for 444 days.

Direct engagement has been rare in the decades since.

Iran remains under an internet blackout amid a harsh government crackdown on economic protests that began in December across the country.

The US-based Human Rights Activists News Agency (HRANA) said Friday it has confirmed 6,505 protesters were killed, as well as 214 members of the security forces and 61 bystanders.

RAK Ceramics (Bangladesh) Limited has reported a loss of Tk39.59 crore for 2025, even as its revenue grew by 10.56%, mainly due to higher manufacturing costs, prolonged disruption in gas supply until June, and rising finance expenses.

According to its price-sensitive information (PSI) filed with the Dhaka Stock Exchange (DSE), the multinational ceramic manufacturer's sales rose to Tk737.33 crore in 2025 from the previous year, driven largely by increased production following uninterrupted LNG supply from July onward, which helped boost market sales.

Despite the revenue growth, the company's gross profit margin declined sharply to 13.19% from 17.19% a year earlier.

RAK Ceramics attributed the margin erosion to increased throughput costs, unabsorbed fixed costs incurred during the gas supply disruption up to June 2025, higher finance expenses arising from additional working capital borrowings, and increased provisions and write-offs of aged inventory.

With the latest loss, the company has posted back-to-back losses for the second consecutive year. In 2024, RAK Ceramics incurred a loss of Tk2.73 crore, although it also paid a 10% cash dividend that year.

Despite the widening losses, the board of directors has unanimously recommended a 10% cash dividend for general shareholders for 2025, amounting to Tk11.95 crore.

According to DSE data, sponsor-directors hold a majority 72.08% stake in the company and will not be entitled to the recommended dividend. The remaining 27.92% shares held by institutional investors, foreign investors, and general shareholders will receive the dividend payout.

The company also reported improvements in its operating performance, citing better trade receivable collections supported by a strengthened credit control framework, as well as successful renegotiation and extension of payment terms with vendors.

As a result, net operating cash flow per share rose significantly to Tk1 at the end of 2025, from Tk0.49 a year earlier.

RAK Ceramics has scheduled its annual general meeting (AGM) for 31 March through a digital platform. The record date for determining dividend entitlement has been set for 25 February.

Major business associations have appealed to Chief Adviser Muhammad Yunus for urgent personal intervention to defuse the escalating crisis at Chattogram Port, warning that an indefinite strike planned from tomorrow could trigger severe economic fallout just four days before the national election.

In an open letter dated today (7 February), the leaders of the Bangladesh Employers' Federation (BEF), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Textile Mills Association (BTMA) said continued disruption at the country's main seaport would pose a serious threat to exports, essential commodity supplies and overall economic stability.

The letter was signed by BEF President Fazle Karim Ehsan, BGMEA Acting President Selim Rahman, BKMEA President Mohammad Hatem and BTMA President Showkat Aziz Russell.

Describing Chattogram Port as the "lifeline of the national economy," the business leaders noted that it handles around 99% of the country's container traffic and 78% of seaborne trade. Any prolonged shutdown, they warned, could cause irreparable damage to key export sectors, particularly ready-made garments, while creating artificial shortages of essential goods ahead of Ramadan.

They also cautioned that vessel congestion and cargo delays would result in massive demurrage payments, putting additional pressure on the country's foreign exchange reserves.

While commending the interim government's reform initiatives and preparations for what they described as a free, fair and neutral election under Yunus's leadership, the signatories said they were deeply concerned by the "deep impasse" at the port.

The situation, they said, has been aggravated by the announcement of continuous strikes and shutdowns at the port terminals and outer anchorage from 8 February by the Chattogram Bandar Rokkha Sangram Parishad, a platform of port workers and employees opposing the proposed lease of the New Mooring Container Terminal (NCT) to UAE-based DP World.

According to the letter, seven consecutive days of dialogue and coordination meetings involving various stakeholders have failed to produce a breakthrough. The business leaders pointed to the controversial NCT lease plan as the core trigger of the unrest, saying the situation has become more volatile due to legal actions and investigations initiated against protesting workers.

"At this critical juncture, four days before the national election, any disruption to the country's supply system and economic activities is undesirable for all of us," the letter said, urging the chief adviser to take immediate steps to promote mutual understanding among workers, port authorities and other stakeholders.

The appeal comes as port workers prepare to resume an indefinite strike after a brief 48-hour suspension following talks with Shipping Adviser Brigadier General (retd) M Sakhawat Hossain.

The protest movement began in late January over the government's plan to hand over the NCT to DP World. A six-day work abstention earlier last week brought port operations to a standstill, leaving thousands of containers stuck at yards and dozens of vessels waiting at outer anchorage, with losses running into billions of taka.

Although the strike was temporarily paused after negotiations with the shipping adviser, labour leaders warned that the suspension was conditional. They accuse the port authority of acting in bad faith by transferring protesting employees and seeking anti-corruption probes and travel bans against labour leaders.

Protesters are demanding the cancellation of the NCT lease deal, removal of the port chairman over alleged corruption, withdrawal of cases filed against workers and assurances that no further punitive measures will be taken.

Trade bodies, particularly in the export sector, have repeatedly warned that renewed disruptions could lead to order cancellations, shipment delays, price hikes and potential job losses. With Ramadan approaching, business leaders fear supply chain instability could also push up prices of essential commodities.

Port authorities, on the other hand, have accused the strikers of disrupting national trade and have taken a series of administrative and legal steps, further hardening positions on both sides. Operations at the port remain fragile during the current pause, with stakeholders bracing for fresh disruptions if the strike resumes as announced.

With the election scheduled for 12 February and economic sensitivities running high, the business community's appeal underscores growing concern that failure to resolve the standoff quickly could amplify economic pressures and spill over into the broader political and social landscape.

The benchmark index of the Dhaka Stock Exchange continued its upward trend last week, supported by broad investor participation and sustained buying in undervalued blue-chip stocks. Improving sentiment around the upcoming national election encouraged selective buying across key sectors.

The market opened the week strongly, maintaining positive momentum for three consecutive sessions. Although some profit-taking appeared in the final session, buyers largely dominated, pushing the market higher by week's end. The DSEX rose 80.4 points, or 1.6%, to close at 5,234 points. Average daily turnover increased 11.2% to Tk644 crore, reflecting heightened investor activity.

Banking stocks led trading, accounting for 18.6% of total turnover, followed by pharmaceuticals at 14.8% and textiles at 9.7%. Engineering shares posted the highest weekly gains, climbing 5.7% as investors picked up stocks that were previously oversold. The banking sector added 3.8%, while mutual funds rose 3.4% on renewed buying interest.

Not all sectors fared well. General insurance fell 3.9%, life insurance dropped 2%, and telecom slid 1.5% amid profit-taking. Non-bank financial institutions saw sharp price swings, with International Leasing, Premier Leasing, FAS Finance, Peoples Leasing, and GSP Finance among the top gainers. On the downside, DBH First Mutual Fund led losses, along with Asia Pacific Insurance, Sonar Bangla Insurance, Rupali Life Insurance, and Rahim Textile.

BRAC Bank, Islami Bank, Asiatic Laboratories, Dominage Steel, and Simtex Industries were the most actively traded stocks, showing sustained interest in large-cap, fundamentally strong companies. Key contributors to the index's rise included Islami Bank, Walton, Al-Arafah Islami Bank, BRAC Bank, and Renata.

Analysts said that improving political clarity, steady participation from both institutional and retail investors, and selective accumulation in blue-chip stocks supported the market's gains. While short-term volatility from profit-taking may continue, the overall trend appears constructive as long as macroeconomic and political conditions remain stable.

The signing of the Bangladesh-Japan Economic Partnership Agreement (EPA) marks a historic milestone in Bangladesh's trade diplomacy, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said today (7 February).

"The deal ensures duty-free access for Bangladeshi garments and maintains favourable rules of origin, including single-stage processing, allowing garments to enter Japan tariff-free even after Bangladesh graduates from least developed country (LDC) status," the trade body of the country's apparel industry said in a press release.

Mentioning that Bangladesh exported $1.41 billion in garments to Japan in FY2024–25, the BGMEA said the EPA aims to expand this share to at least 10%, supporting Bangladesh's $100 billion garment export target by 2035.

"Japan has long been a trusted partner, supporting Bangladesh's industrial growth and economic transformation. This agreement not only secures market access but also provides a predictable trade environment for the RMG sector in the post-LDC era," the BGMEA said.

Bangladesh, Japan sign major trade deal to safeguard market access post-LDC

The association also highlighted that the EPA could reduce the country's trade deficit with Japan, diversify exports beyond garments, and attract increased investment from Japanese importers and machinery suppliers.

Bangladesh is also awaiting the finalisation of a US–Bangladesh trade deal, expected on 9 February, which is expected to provide zero-tariff access for garments using US cotton, another major boost for the sector.

On Thursday (5 February) Bangladesh and Japan signed the landmark economic partnership agreement (EPA) in Tokyo, a major step in Dhaka's efforts to preserve export market access and attract investment as it prepares to graduate from least developed country (LDC) status.

The deal, hailed by business leaders, is Bangladesh's first bilateral free trade agreement and secures continued duty-free access to Japan – the world's third-largest economy – for key exports even after LDC graduation.

Covered products include ready-made garments, leather goods, plastics, light engineering items and selected agricultural products, protecting an export market worth $2.1 billion.

Economists and business leaders described the EPA as less about tariff cuts and more about economic survival after LDC graduation in 2026. Without such an agreement, Bangladesh would face higher tariffs and stricter compliance requirements once Japan's temporary LDC preferences expire.

Bangladesh Bank has dissolved the board of directors of Uttara Finance and Investment Limited and reconstituted it with five new directors, citing governance and oversight concerns.

The decision was taken under the Financial Company Act, 2023, as part of the central bank's ongoing efforts to strengthen corporate governance in the non-bank financial institution (NBFI) sector, according to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE) today (5 February).

As per the disclosure, Mukhter Hossain has been appointed chairman and independent director of the newly formed board. The other independent directors are Shafiul Azam, Niamul Kabir and Rafiqul Islam, while Mahbub Alam has been appointed as a director.

Following the announcement, shares of Uttara Finance rose 2.40% to close at Tk12.80 on the Dhaka bourse.

This is not the first time the central bank has intervened in the institution's management. In 2022, Bangladesh Bank dissolved the company's board and appointed independent directors amid allegations of governance failures and financial irregularities.

The latest move follows a series of investigations initiated after Bangladesh Bank received information in 2019 regarding widespread violations of rules and serious financial misconduct at Uttara Finance. The allegations included irregular transactions amounting to at least Tk3,440 crore, misuse of company funds for personal purposes by directors, and withdrawals made under the guise of advances. The then managing director and several board members were reportedly involved.

Subsequently, the central bank scrutinised the company's audited financial statements for 2019 following multiple complaints and issued a number of corrective directives in 2021 after a prolonged investigation. Further evidence of irregularities later surfaced through a special audit conducted by external auditor Rahman Rahman Haque.

According to audited financial statements disclosed later, Uttara Finance incurred a net interest loss of Tk61.17 crore, an operating loss of Tk108.31 crore, and a net loss after tax of Tk435.54 crore in 2020. The loss per share stood at Tk33.13, reflecting a sharp deterioration in profitability.

The auditor's report also highlighted a capital shortfall of Tk711.55 crore as of December 2020, underscoring the depth of the financial distress that prompted continued regulatory intervention.

India's textile sector is set to gain advantage over competitors such as Bangladesh, Pakistan, China, and Vietnam under the recently announced bilateral trade deal with the United States, the Indian Ministry of Textiles said today (7 February).

Under the interim framework, the US will reduce reciprocal tariffs on all Indian textile products, including apparel and made-ups, to 18%. This not only removes the disadvantage Indian exporters previously faced but positions them ahead of competitors, whose reciprocal tariffs remain higher: Bangladesh (20%), China (30%), Pakistan (19%), and Vietnam (20%), the ministry said.

"This agreement is likely to reshape market dynamics, as major buyers are expected to reconsider their sourcing strategies in light of the tariff reduction," the ministry added.

Trump announces US-India trade deal, lowers tariffs to 18%

It stated that the deal is also expected to enhance cost competitiveness for Indian manufacturers and allow diversification of risks by enabling sourcing of textile intermediates from the US.

This, in turn, would support value-added textile production, expand India's manufacturing base, and boost exports, the ministry noted.

The ministry highlighted that the interim agreement would generate additional employment and attract investment from US entities, describing the framework as "a major catalyst" for strengthening textile trade relations between the two countries.

For Indian textile exports, the agreement opens access to the $118 billion US market for textiles, apparel, and made-ups. The US already accounts for around $10.5 billion of India's textile exports, comprising approximately 70% apparel and 15% made-ups.

The ministry said the deal is expected to play a key role in India reaching its $100 billion export target by 2030, with the US projected to contribute over one-fifth of this target, providing crucial momentum for the sector.

Indian Commerce Minister Piyush Goyal also highlighted the broader benefits of the deal.

Speaking to reporters, he said, "The agreement provides India with a competitive advantage over neighbouring countries and will provide a lot of help to our exporters."

Goyal noted that India's exports worth about $44 billion to the US will enter the American market at zero reciprocal tariffs under the first phase of the bilateral agreement, expected to be signed by mid-March.

He added that India will offer duty concessions on a range of American goods, while sensitive agricultural and dairy products will remain fully protected. "Certain concessions will also be quota-based, such as soybean oil, to allow limited duty-free access for US exports."

The tariff concessions offered by India cover products including wines and spirits, dried distillers' grains, red sorghum for animal feed, tree nuts, soybean oil, fresh and processed fruit, cosmetics, chemicals, certain medical devices, and computer-related products.

Meanwhile, sensitive sectors such as milk, cheese, wheat, rice, maize, soy, poultry, ethanol (fuel), tobacco, certain vegetables, and meat from the US will not receive any duty concessions, ensuring protection for domestic producers.

Bangladesh Bank (BB) has dissolved the existing board of directors of Uttara Finance and Investments Limited and formed a new board to rescue the struggling non-bank financial institution (NBFI) from deep-rooted loan irregularities.

The listed company shared this information through the Dhaka Stock Exchange (DSE) on Thursday (February 5).

Under the Financial Company Act, 2023, the central bank has appointed five new directors to the board. Md. Mukhtar Hossain has been named the new Chairman and will serve as an independent director.

Other newly appointed independent directors include Mohammad Shafiul Azam, Md. Niamul Kabir, Md. Rafiqul Islam (FCS). Additionally, Md. Mahbub Alam has joined the board as a director.

According to central bank sources, the move aims to ensure transparency and restore corporate governance within the institution.

Uttara Finance has been under scrutiny for failing to publish regular financial reports since 2019. However, an audit report for the year 2020, released on October 6 last year, revealed a staggering financial decline.

After taxes and expenses, the company recorded a net loss of Tk 435.54 crore in 2020. The annual operating loss stood at Tk 108.32 crore. By the end of 2020, the total capital shortfall reached Tk 711.55 crore. This includes a core capital deficit of Tk 59.34 crore and a risk-based capital deficit of Tk 652.21 crore.

Central bank officials hope that the reconstitution of the board will bring positive changes to the management and financial health of the company, which has been reeling from years of mismanagement and unauthorized transactions.

The interim government succeeded in preventing a potential macroeconomic collapse during its 18-month tenure, but economists and business leaders say the real economy – particularly the industrial sector – has suffered significant stagnation.

The contrasting assessment emerged at a virtual roundtable titled "Interim Balance Sheet," organised yesterday by the Power and Participation Research Centre, where analysts reviewed the economic performance of the administration that assumed office in August 2024.

Mamun Rashid, chairman of Financial Excellence Ltd, said the interim administration took office in August 2024 at a time when the economy was in "freefall."

"At the very least, the collapse was halted," he said, noting improvements in foreign exchange reserves following a rise in remittances routed through formal channels after anomalies in the banking sector were addressed.

However, Rashid said economic management largely remained "business as usual," falling short of the structural reforms many had expected in the wake of the mass uprising. While the immediate bleeding was stopped, he argued, the economy failed to move into a phase of dynamic recovery.

Concerns from the industrial sector were more acute.

Bangladesh Chamber of Industries (BCI) President Anwar-Ul-Alam Chowdhury said the cost of doing business had risen by 30% to 35% over the past year and a half, pushing many firms to the brink of closure.

Despite paying higher tariffs, industries failed to receive an uninterrupted energy supply, forcing many factories to operate at just 40%-45% of capacity, he said.

The BCI president criticised what he described as the interim government's "isolated" decision-making approach.

Summing up the interim government's economic record, Power and Participation Research Centre Executive Chairman Hossain Zillur Rahman said the administration deserved credit for averting a financial crisis but warned that the incoming elected government would inherit a challenging situation.

"The macro-economy has been saved from a downward spiral, but the wheels of the real economy have slowed significantly," he said, adding that the growing disconnect between policymakers and the business community has triggered a crisis of confidence that the next government must urgently address.

Bangladesh is scheduled to sign a trade agreement with the United States tomorrow aimed at reducing reciprocal tariffs, with commitments to import more American goods to narrow a trade imbalance heavily favouring Bangladesh.

Under the proposed agreement, the US will not levy tariffs on garment items made from American raw materials such as cotton and exported to American markets, according to Commerce Secretary Mahbubur Rahman.

Besides, the Donald Trump administration will also reduce the reciprocal tariff rate further for Bangladesh as at least two advisers of the interim government said recently along with Secretary Rahman on several occasions. However, they did not say exactly what percentage of the reciprocal tariff may be reduced for Bangladesh.

The arrangement is expected to offer substantial relief for Bangladesh’s garment sector.

For instance, if a T-shirt contains 70 percent American cotton and yarn by value, US customs authorities will exempt that portion from the 20 percent reciprocal tariff imposed on Bangladeshi goods last year.

This matters significantly because garments account for nearly 95 percent of Bangladesh’s exports to the US, and many factories can use roughly 70 percent American materials in their products.

The prospect of preferential access has already shifted sourcing patterns. Imports of cotton and soybeans from America have increased as Bangladeshi millers and traders redirect their purchases from other countries.

The signing ceremony will be held in a hybrid format. Commerce Adviser Sk Bashir Uddin and Secretary Rahman will attend virtually, while a handful of senior commerce ministry officials will travel to Washington to attend in person alongside their American counterparts.

“We will send the documents to the US as only a few of our officials will fly there to attend the deal signing ceremony,” Secretary Rahman said.

The commerce adviser cannot attend in person because the government has only one working day before the national elections scheduled for February 12, he added.

The agreement follows intense negotiations to reduce the US tariff burden on Bangladesh. The country exports more than $8 billion worth of goods to the US but imports only $2 billion, creating a substantial trade gap.

In his Liberation Day announcement on April 2 last year, US President Donald Trump imposed a 37 percent additive reciprocal tariff on Bangladeshi exports. After negotiations, the Trump administration agreed to lower the rate to 20 percent in exchange for Bangladesh’s commitment to import more US products.

Bangladesh has pledged to buy American aircraft from Boeing, along with greater quantities of cotton, soybeans, liquefied petroleum gas and other goods to reduce the trade gap with the US. An agreement has been signed to import 3.5 million tonnes of wheat from America over five years, with approximately 660,000 tonnes already purchased.

Meanwhile, the Bangladesh Garment Manufacturers and Exporters Association said in a statement that negotiations with the Office of the United States Trade Representative (USTR) regarding the deal have been ongoing for over six months.

“Although we are informed that a formal trade deal will be signed on February 9, we urge the Ministry of Commerce and all parties negotiating with the USTR to ensure that the signing is completed within this timeframe so that Bangladesh can start preparing itself with the preferential deal of utilising US cotton to attain zero tariff access, which we understand as the centrepiece of the trade deal,” the association added.

Bangladesh’s food grain imports surged 42 percent year-on-year to 42 lakh tonnes in the first half of the current fiscal year (FY) owing to higher imports, particularly by the private sector.

Of the amount, 84 percent or 35 lakh tonnes were wheat, and the rest were rice brought in by the public and private sectors, according to data from the food ministry.

During the period, wheat imports by the private sector surged 31 percent year-on-year to 32.45 lakh tonnes, up from 24.69 lakh tonnes a year earlier.

Meanwhile, imports by the government dropped marginally.

Taslim Shahriar, senior assistant general manager at Meghna Group of Industries (MGI), said a decline in wheat prices in the international market has encouraged imports.

“High prices of rice also buoyed demand for wheat, as it is a substitute. Demand for wheat-based foods is growing, too. This is because people’s consumption behaviour has changed,” he said.

Market price data compiled by the Food and Agriculture Organization (FAO) showed that the national average retail price of wheat flour stayed below the rates of coarse rice between November 2024 and September 2025.

Later, prices of rice declined due to higher supply from increased domestic production and imports. At the same time, retail prices of wheat flour exceeded the prices of coarse rice.

In October 2025, the national average retail price of wheat flour was Tk 54.28 per kilogramme, and the rice price was Tk 52.20 per kilogramme.

Food ministry data showed that rice imports by both the public and private sectors shot up to 6.65 lakh tonnes in the July-December period of FY2025-26 from 1.75 lakh tonnes a year ago.

The food ministry, in its latest Bangladesh Food Situation Report, said the government undertook initiatives to import 15 lakh tonnes of food grains, including 7 lakh tonnes of rice and 8 lakh tonnes of wheat.

This import aimed to strengthen buffer stocks, mitigate market volatility, and safeguard national food security amid global uncertainties.

The government had imported 1 lakh tonnes of rice and 3 lakh tonnes of wheat, while the remaining quantities were in the import pipeline, the report added.

To stabilise domestic supply and prices, rice import duties were reduced, and the private sector was authorised to import 6 lakh tonnes of rice. Under this approval, the private sector imported nearly 4.9 lakh tonnes by November 2025, close to the scheduled target.

Recently, the government granted permission for the private sector to import an additional 2 lakh tonnes of rice.

The food ministry report projected that Bangladesh’s total rice import during FY26 would be more than 14 lakh tonnes, almost equal to the volume of imports in the previous year.

Wheat imports, which meet over 85 percent of the country’s demand, will rise to 71.75 lakh tonnes in the current FY26, registering a 17 percent year-on-year increase.

The MGI official Shahriar said the amount of wheat may be close to the projection of the food ministry.

Readymade garment exports from Bangladesh to the United States grew 12.43 percent to $7.6 billion in the first eleven months of 2025, according to the US Office of Textiles and Apparel (Otexa).

The growth came despite a sharp fall in November, when exports dropped 14.57 percent to $526.51 million compared with the same month a year earlier.

Overall, US apparel imports declined slightly during the January-November period, falling 1.44 percent in value and 3.23 percent in volume. Average prices rose 1.85 percent, Otexa data showed.

Bangladesh was not alone in expanding its US market share last year. Vietnam’s garment exports there grew 11.35 percent, India’s rose 6.04 percent, Pakistan’s by 11.82 percent, Indonesia’s by 9.79 percent, and Cambodia experienced a strong 26.18 percent increase. China’s exports, in contrast, fell sharply by 33.90 percent.

In terms of volume, Bangladesh recorded a strong growth of 13.30 percent, Vietnam 11.99 percent, India 4.73 percent, Pakistan 18.28 percent, Indonesia 13.39 percent, and Cambodia surged 35.40 percent. China saw a sharp decline of 25.86 percent, Otexa said.

Unit prices per garment piece from January to November 2025 varied across countries. Bangladesh experienced a slight drop of 0.77 percent, Vietnam 0.57 percent, China 10.84 percent, Cambodia 6.81 percent, Pakistan 5.46 percent, and Indonesia 3.18 percent. India was the only country to see a price increase, rising 1.25 percent, Otexa added.

Gold and silver prices fell sharply in a broader market selloff on Thursday, as an advance in the dollar to a near two-week high and signs of easing US-China trade tensions added further pressure on the precious metals.

Spot gold declined 2.5 percent at $4,838.81 per ounce, as of 0535 GMT, retreating from a near one-week high hit earlier in the session.

US gold futures for April delivery dropped 1.9 percent to $4,855.60 per ounce.

“The dollar received a new lease of life with the (Kevin) Warsh nomination (as Federal Reserve chief), and the currency has been able to keep making forward progress ... traders are more circumspect now on gold in light of recent extreme volatility,” Tim Waterer, KCM chief trade analyst, said.

The dollar rose to a near two-week high on Thursday, making greenback-priced gold more expensive for other currency holders.

“Sentiment (has) turned soggy across most asset classes, including precious metals, cryptocurrencies and regional equities, with losses feeding into one another and creating a self-reinforcing feedback loop amid thin market liquidity,” said Christopher Wong, a strategist at OCBC. Asia stocks faltered, tracking their US peers as concerns about the exploding costs of AI investment hounded the tech sector.

Spot silver plummeted 14.9 percent to $74.94 an ounce. Last week, the precious metal touched a record high of $121.64.

“The industrial demand has vanished at the higher levels. Most of the industrial buyers have stopped buying silver, and even solar panel producers in China are looking for alternatives,” Shah added.

On the geopolitical front, Iran and the US have agreed to hold talks in Oman on Friday, officials on both sides said. China is considering buying more US-farmed soybeans, US President Donald Trump said after what he called “very positive” talks with his Chinese counterpart Xi Jinping on Wednesday.

“If you remove geopolitical tensions and the de-dollarisation trend for the time being ... the metals have little room to run,” said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

US President Donald Trump moved Friday to lift an additional 25 percent tariff he imposed on goods from India over its purchases of Russian oil -- a step to implement a trade deal announced this week.

"India has committed to stop directly or indirectly importing Russian Federation oil," according to an executive order Trump signed.

New Delhi has also said that it will purchase US energy products, "and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years," the order said.

The additional 25 percent US duty will be removed at 12:01 am Eastern Time on Saturday.

The executive order comes days after Trump announced a trade deal to reduce tariffs on India, saying that Prime Minister Narendra Modi had promised to stop buying Russian oil over the war in Ukraine.

The pact would also see Washington cutting so-called "reciprocal" levies on Indian products to 18 percent, down from a 25-percent level.

The rollout of this reduction is still to come.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

The deal eases months of tensions over India's oil purchases, which Washington says fund a conflict it is trying to end.

It restores close ties between Trump and Modi, a fellow right-wing populist that the US leader has described as "one of my greatest friends."

The 18 percent tariff level also gives Indian exporters a slight edge in the US market over competitors in the region who secured duties of around 19 percent to 20 percent, said Wendy Cutler, senior vice president at the Asia Society Policy Institute, this week.

Bitcoin, the world’s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump’s presidential election victory in November 2024.

The digital currency dropped as low as $69,821.18 before climbing back above $70,000.

Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.

“Bitcoin continues to suffer... caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,” noted Victoria Scholar, head of investment at Interactive Investor.

The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.

Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.

However it suffered a sharp setback in April last year, falling below $75,000 after the president’s announcement of sweeping US tariffs rattled global markets. It went on to reach a record-high of $126,251.31 six months later.

The latest downturn is driven largely by regulatory uncertainty.

While the US Congress passed a law in July to regulate stablecoins -- a form of cryptocurrency backed by traditional assets -- a broader crypto bill, the Clarity Act, has stalled in the Senate.

Bitcoin’s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.

Warsh, seen by observers as a defender of the Fed’s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.

Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.

Trump’s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.

According to recent Bloomberg estimates, his family’s fortune grew by $1.4 billion last year from digital assets alone.

Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.

Once thriving amid growing demand, Bangladesh's paper industry is now grappling with rising costs, shrinking sales, and gas shortages, raising fears of a sector-wide collapse. Most listed firms three out of five reported a decline in profit for the second quarter (October–December) of the current fiscal year, while market leader Bashundhara Paper Mills incurred a heavy loss.

Of the six paper firms listed on the bourses, five have published financial statements for the first six months through December 2025. Khulna Printing and Packaging, however, has remained non-functional and has not released its financials for a long time.

Industry insiders said high inflation, gas shortages, and banking constraints for importing raw materials have severely hurt the sector.

Sector under pressure

Mustafa Kamal Mohiuddin, secretary general of the Bangladesh Paper Mills Association (BPMA) and chairman of Magura Multiplex, told The Business Standard, "The country's paper industry is almost on the verge of collapse due to three main reasons: the dollar crisis for importing raw materials, the gas shortage, and banking constraints. Most mills are closed, and only 10–15 are operating at lower capacity. Entrepreneurs are struggling to stay afloat."

He added that insufficient gas supply has forced mills to seek alternatives like LNG and coal imports, but banking restrictions have hindered these efforts. Mohiuddin also noted that digitalization has reduced overall paper demand, though specialized papers such as colour, art paper, hardboard, and tissue continue to see steady demand.

Performance of listed firms

In Q2 (October–December), Sonali Paper & Board Mills reported a 20% decline in revenue to Tk77.22 crore and a 17% drop in net profit to Tk10.15 crore compared to the same period last fiscal year. In H1 (July–December), however, the company recorded modest growth, with revenue up 4% to Tk159.60 crore and profit rising 7.64% to Tk19.44 crore, driven largely by first-quarter performance.

Md. Rashedul Hossain, company secretary, attributed the Q2 decline to seasonal factors, including school closures.

Hakkani Pulp & Paper Mills saw an 18% fall in Q2 revenue to Tk26.75 crore and a 9% drop in profit to Tk32 lakh. H1 revenue declined 6.58% to Tk58.05 crore and profit fell 7% to Tk52 lakh. The company attributed the decline to higher costs of sales, despite an increase in tissue segment sales, while revenue from newsprint dropped.

Mixed results for Magura Group firms

Two Magura Group concerns posted mixed results. Magura Multiplex reported a 7.4% rise in profit in H1, while Monospool Bangladesh saw a 3.56% drop to Tk4.71 crore and Tk7.55 crore, respectively.

Both firms recorded growth in Q2, with chairman Mustafa Kamal Mohiuddin attributing H1 performance to effective cost control.

Bashundhara faces big los

Bashundhara Paper Mills suffered a massive Tk249 crore loss in H1 FY26, citing raw material shortages, rising utility and borrowing costs, and price hikes.

The company had also recorded a Tk330 crore loss in the previous fiscal year. Its loss per share in Q2 reached Tk14.34, up from Tk5.84 in the same period last year. H1 revenue plunged 72% to Tk113 crore, down from Tk410.47 crore in FY25, while finance costs soared 31% to Tk204 crore.

An official, speaking on condition of anonymity, said, "Operating profitability declined sharply due to raw material scarcity, higher utility costs, rising input prices, and increased borrowing costs. As a consequence, EPS has decreased significantly."

As of December, Bashundhara Paper Mills' long-term loans stood at Tk2,118 crore, with short-term borrowings of Tk581.85 crore.

Leaders of ten major trade bodies have demanded immediate government intervention to resolve the ongoing deadlock at Chattogram port, which handles over 90 percent of the country’s maritime trade, terming it a “great disaster”.

This is the first time in the country’s history that all vessels have remained at a standstill at the port, they claimed in a joint statement at a press conference at the Gulshan office of the Bangladesh Textile Mills Association (BTMA) in Dhaka yesterday.

“This is not a normal strike; it is equivalent to destroying the country’s heart of business and trade by creating a deadlock at Chattogram port,” the statement said.

The economy suffers losses of several thousand crores of taka even from a single day’s deadlock at the port, they added.

Operations at the port came to a halt after workers and employees of the seaport enforced indefinite work abstention from February 3, opposing the move by the interim government to hand over the operation of the New Mooring Container Terminal (NCT) at the port to UAE-based firm DP World.

Goods from export and import vessels have not been loaded or unloaded for nearly a week.

The joint statement was issued by top trade bodies, including the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Textile Mills Association (BTMA), Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka Chamber of Commerce and Industry (DCCI), and Bangladesh Employers’ Federation (BEF).

The Bangladesh Chamber of Industries, Bangladesh Garment Buying House Association, Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA) and Bangladesh Terry Towel & Linen Manufacturers & Exporters Association (BTTLMEA) also signed the statement.

The country’s external trade, including the main export earner garments, has been facing irrecoverable losses due to the situation, they noted.

Operations at the port came to a halt after workers and employees of the seaport enforced indefinite work abstention from February 3
Exportable goods cannot be shipped, and imported goods cannot be released from vessels, which will make it difficult to meet strict delivery deadlines for international buyers.

The business leaders warned that Bangladesh risks losing work orders if the crisis continues, as international buyers may shift to alternative sourcing countries.

They also noted that export and industrial production are already under pressure due to falling demand, geopolitical crises, and rising production costs.

In such a situation, port demurrage charges, port fees, and storage costs are increasing, directly affecting production costs. Consequently, export prices will rise, negatively impacting international trade.

Additional costs on imported goods may also affect the prices of essential commodities meant for Ramadan sales. Any delay in releasing imported goods could disrupt the timely supply to consumers and raise price levels if the stalemate is not resolved quickly.

An unstable situation has also been created in obtaining bank loans and opening Letters of Credit (LCs) for importing goods.

The business leaders urged the government to resolve the port crisis immediately, considering the greater interest of the country and the economy.

In the statement, the business leaders urged the union leaders to call off the strike. They also suggested that the issue of renting the NCT can be postponed, and the union leaders can have the chance to discuss it with the next elected government.

“It is our firm belief that the government will sit with the labour leaders soon and solve the crisis immediately,” the statement reads.

In a separate statement, the DCCI urged the immediate restoration of normal operations at Chattogram port.

“Approximately 54,000 containers of goods have been stranded at the port so far,” it said.

Due to this delay in clearance, businesspeople are incurring additional costs of Tk 10,000 to Tk 15,000 per day. This ongoing shutdown is having a severe impact on the country’s export sector in particular.

“Moreover, if the situation continues, it will adversely affect the national economy. There is also a growing concern of cancellation or diversion of purchase orders to competitor countries, as we are unable to process shipment of goods in time,” it added.

In addition, this unexpected deadlock in cargo handling is likely to increase operational costs across trade and investment activities, creating an extra burden on both businesses and consumers.

The statement called for urgent government intervention to resolve the problem as soon as possible through discussions with all stakeholders concerned with Chattogram port.

The chamber also stressed the need for collective efforts involving the business community, the Chittagong Port Authority and all relevant stakeholders.

Oil prices extended gains on Wednesday after the US shot down an Iranian drone and armed Iranian boats approached a US-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tensions between Washington and Tehran.

Brent crude futures were up 15 cents, or 0.2 percent, at $67.48 per barrel at 0730 GMT. US West Texas Intermediate crude was up 28 cents, or 0.4 percent, at $63.49 per barrel.

Both benchmarks rose nearly 2 percent on Tuesday as the military incidents increased fears that a conflict could disrupt oil flows through the Strait of Hormuz or output from Iran.

“Uncertainty about how these talks will play out means the market will likely continue to price in some risk premium,” said ING commodity strategists on Wednesday.

The US military on Tuesday shot down an Iranian drone that “aggressively” approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the US military said, in an incident first reported by Reuters.

Separately, in the Strait of Hormuz between the Persian Gulf and the Gulf of Oman, a group of Iranian gunboats approached a US-flagged tanker north of Oman, maritime sources and a security consultancy said on Tuesday.

OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the Strait of Hormuz, mainly to Asia. Iran was the third-biggest OPEC crude producer in 2025, according to US Energy Information Administration data.

Meanwhile, Tehran is demanding that talks with the US this week be held in Oman not Turkey, and that the scope be narrowed to two-way negotiations on nuclear issues only, casting doubt on whether the meeting will proceed as planned.

“Heightened tensions in the Middle East provided support to the oil market,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.

Oil prices also found support from industry data showing a sharp drop in US crude stockpiles. Inventories in the top producing and consuming nation fell over 11 million barrels last week, sources said, citing American Petroleum Institute figures.

Official data from the US Energy Information Administration is due on Wednesday at 10:30 a.m. EST (1530 GMT). Analysts polled by Reuters were expecting a rise in crude inventories.

On Tuesday, oil prices were also buoyed by a trade agreement between the US and India that raised hopes of stronger global energy demand, while continued Russian attacks on Ukraine added to concerns that Moscow’s oil would remain sanctioned for longer.

“India’s trade agreement with the US to halt purchases of Russian crude, along with the ongoing Russia-Ukraine war, is also providing support,” Yoshida said, projecting that WTI would likely continue to trade around $65 a barrel for now.

Bangladesh’s external debt has nearly doubled in just over three years, driven by a surge in emergency budget financing in the post-Covid period and a sharp devaluation of the local currency that inflated the value of dollar-denominated obligations.

The country’s total external debt jumped 92 percent to Tk 9.51 lakh crore by the end of September 2025, compared with June 2022 levels, according to a debt bulletin published Tuesday by the Ministry of Finance.

The sharp increase reflects Bangladesh’s growing reliance on quick-disbursing budget support loans rather than traditional project financing, amid weak revenue collection and widening fiscal deficits.

Between fiscal years 2021-2022 (FY22) and 2024-2025 (FY25), Bangladesh received $9.82 billion in budget support, with $3.44 billion coming last fiscal year alone.

Budget support loans, which are disbursed immediately upon approval and come with policy conditions, rose 69 percent year-on-year in FY25, even as project loans fell more than 29 percent.

The shift reflects the government’s need for funds that can be deployed immediately to cover budget operations amid weak revenue collection. Unlike project loans, which are disbursed gradually and tied to specific infrastructure works, budget support can be used directly for deficit financing.

The interim government has continued prioritising budget support over project loans, maintaining the pattern established by the previous administration.

Currency devaluation has compounded the debt burden. The local currency has weakened to around Tk 122 per dollar from Tk 85 several years ago, thanks to heightened imports in the post-Covid period and commodity price surge in global markets, among other factors.

The government’s total debt rose 1 percent to Tk 21.49 lakh crore in the first quarter of the current fiscal year, pushing the debt-to-GDP ratio up roughly two percentage points to 38.61 percent.

Of the total debt stock, Tk 11.97 lakh crore is domestic borrowing, while the remainder consists of external obligations.

The growing debt load is straining government finances. Interest payments surged 27 percent year-on-year to Tk 31,629 crore during the July-September period in FY26.

Of this, domestic interest payments rose 19 percent, while interest on external borrowings rose 80 percent. Among domestic elements, payment for treasury securities rose by 21 percent and national savings certificates by 16 percent.

Gold prices bounced back to hover near $5,100 on Wednesday, underpinned by safe-haven demand as renewed US-Iran geopolitical tensions added to bullion’s appeal a day after it posted its best day in more than 17 years.

Spot gold was up 2.9 percent at $5,082.94 per ounce, as of 0813 GMT, after surging nearly 6 percent on Tuesday, its biggest daily gain since November 2008. Bullion scaled a record high of $5,594.82 last Thursday.

US gold futures for April delivery climbed 3.4 percent to $5,103.50 per ounce.

The US military on Tuesday shot down an Iranian drone that “aggressively” approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the US military said.

Gold is bouncing back from a low of $4,403.24 touched on Monday after its biggest two-day sell-off in decades.

“After such a sharp rally, a correction was expected, it was not surprising and with gold coming back up, the fundamentals have not changed much,” ANZ analyst Soni Kumari said, adding that the geopolitical and economic backdrop remained mostly unchanged.

Goldman Sachs said on Wednesday that it saw significant upside risk to its $5,400 year-end forecast for gold on central banks maintaining their recent pace of accumulation alongside private investors stepping up gold ETF purchases.

“Going ahead ... we are expecting the same $5,600 levels (for gold) by the end of the first half or April-end while prices will continue to rise thereafter and our year-end target is $6,000/oz,” said Jigar Trivedi, a senior research analyst at IndusInd Securities.

Spot silver rose 6.1 percent to $90.34 an ounce. It touched a record high of $121.64 on Thursday but fell to a month-low at $71.33 on Monday having registered a record single-session price wipe-out of 27 percent on Friday.

Markets now await ADP private payroll data for more cues on the Federal Reserve’s policy path even as a partial US government shutdown has delayed the closely watched employment report for January.