The country was ravaged by hartal and blockade during the whole period of 2013. Even, the businessmen did not get rid of the detrimental effect of the movement in the month of Ramadan. At a time when the customers were supposed to remain busy with shopping last year, the businessmen were to count loss due to 4-day hartal ahead of Eid. Although normalcy restored to the political arena after Januar
y 5 parliamentary polls, there was not that much dynamism in the retail sale. But the Eid has brought dynamism in the trade and commerce. There is heavy rush of customers in the mega shopping malls in Dhaka now. The well-off and middleclass people are busy with Eid shopping there. Even, the markets set up on footpath and elsewhere for low and middle-income groups started to see the rush of customers from Friday. The customers have brought change of air in the economic stalemate. Experts said the rise and fall in retail sale materially affect the national economy. In the developed countries, the retail transactions are counted every week. The US Department of Commerce and Census Bureau publishes reports on the ratio of rise and fall in retail business in the second week of every month. Besides, some private organisations hold survey on market and publish reports. On the basis of such reports, businessmen prepare their future business strategy while economists analyse the economy. There is no official statistics as to the volume of business transaction that takes place in a year in Bangladesh. The businessmen, however, take extra preparation ahead of Eid shopping. They try to collect goods from wholesale and retail from 2/3 months ago. They decorate their shops and appoint increased number of salesmen. As such, the production and marketing of goods start just 2/3 months prior to Eid but the retail sale start after the month of Ramadan. Dr Khondaker Golam Moazzem, additional research director of Centre for Policy Dialogue (CPD), said “Eid shopping is based on some products which we use throughout the year. The occasional shopping is on the rise in Bangladesh. A man is buying more than one dress. Besides, a growing tendency of giving gift is obvious. Such a transaction contributes to the production of goods, employment and income generation.” He thinks the occasional shopping keeps positive effect on the national economy. As the Eid festival is common occurrence every year, the shopping is also stereotyped. If the sale hits record level, it will be obviously play role for economic incentive. According to Bangladesh Bureau of Statistics some 14.08 percent of GDP was earned from the retail sales of the local products in 2013-2014. Eid-ul-Fitr is the great moment for retail selling. There are now currency notes equivalent to Tk 85,000 crores in circulation in the market as per the account of Bangladesh Bank. Money is exchanged more during the Eid than any other time as servicemen and businessmen earn bonus and extra money. In addition, the expatriate Bangladeshi people send remittances form abroad. World Bank statistics said due to hartal and siege programme in last year the country’s economy witnessed a loss of Tk11,000 crore. Starting form the small traders to large corporate bodies had to count the losses. To recover that loss, the businessmen are enthusiastic to target the Eid market with additional preparations. Bangladesh Shop Owners Association chairman SA Kader Kiran said the total sale of 11 months is equal to one Eid month (Ramadan). The normal sale is Tk 1,500 crore in retail shops everyday across the country while the sale is Tk 6,000 crore during the moment of Eid. After analysing the statistics in collecting revenues it was observed that the selling and buying evidently declined due to political instability. The target was not fulfilled in realising the VAT in the fiscal year of 2013-2014. The import revenue was less than expectation. Centering the Eid, country’s import has gained pace. The latest Bangladesh Bank account said commodity import cost increased by 23.47 percent in last April which was more compared to overall import growth from July to April. Businessmen said the Eid shopping has not started yet in full swing but soon will start. Dhaka City Shop Owners Association vice chairman Md Rezaul Islam Montu said some 50 lakh people including rickshaw pullers, mobile vendors, seasonal salesman, additional transport workers and beggars come in the city during Ramadan and Eid. Some new salesmen are employed to tackle the extra pressure of Eid shopping, he said.
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