In the same period last year, the key economic index was in $1.52 billion deficit which stood at around $5 billion in the end of the last fiscal year.
The surplus was $3.57 billion in the first three months of the 2020-21 fiscal year, according to data published by Bangladesh Bank on Wednesday.
Growing remittance inflow and exports, and a drop in imports and fuel oil prices in the international market have caused the balance of payments surplus, analysts say.
Bangladesh’s economy may slip back into a deficit in balance of payments if the surge in COVID-19 infections and deaths continue in the US, Europe and other parts of the world, said Ahsan H Mansur.
The executive director at Policy Research Institute said remittance inflow and export may drop while import costs may increase, and these factors will cause a balance of payments deficit again.
He urged caution in fixing economic policies.
AB Mirza Azizul Islam, who advised the 2007-08 caretaker administration on finance, also said the government should make decisions upon careful appreciation of the situation on the ground instead of making self-congratulatory moves.
“No-one knows when the crisis will be over,” he said.
After closing the 2019-20 fiscal year with around $18 billion in trade deficit, import costs exceeded export earnings by $3.23 billion in the July-October against $5.72 billion in the same period last year.
Remittance inflow in the period grew 42.16 percent year on year to $8.96 billion in the period.
Mid-term and long-term foreign loan assistance for Bangladesh increased by 83 percent year on year to $1.65 billion in the first four months of the 2020-21 fiscal year.
Foreign direct investment, however, has dropped 30.77 percent to $720 million in this period as the pandemic continues to ravage the global economy.