Middle East war shakes Bangladesh’s economy with trade deals in flux

As the war in the Middle East continues, Bangladesh’s economy is being shaken up the impacts of rise of prices in oil and gas, the possibility of a significant fall in remittance inflow, export disruption due to closure of Strait of Hormuz, and already increased shipping costs.

With the Middle East a key source of its oil supply, the government of Bangladesh started rationing fuel for vehicles. Long queues of vehicles have already been seen in front of fuel stations. As the war enters the third week, the government is looking to source supplies from India and China, and even Russia. There are media reports that China is looking stop fuel exports to conserve supplies with Australia one ikely victim.