Imports posted a 3.96-per cent growth in June this year compared with that of 30.58 per cent growth in the same month last year due to a rise in payment of bills for food products and capital machinery. According to the latest BB data, the settlement of letters of credit, or generally known as actual import, stood at $3.11 billion in June this year. It was $2.99 billion in June 2013 and $2.29 billion in June 2012.
A BB official told New Age on Thursday that besides the food product imports, the businesspeople imported more capital machinery and raw materials for the garment sector in last month as political unrest in the country eased in recent months.
The import of sugar increased to $50.83 million in June 2014 from $49.15 million in June 2013 and that of ginger to $6.25 million from $4.58 million.
The BB data, however, showed the import of Ramadan food items decreased in June as the businesspeople earlier imported huge amount of the products to control the commodity market.
The import of crude edible oil decreased to $50.75 million in June 2014 from $68.29 million in June last year, that of dates to $1.59 million from $2.64 million, that of pulses to $30.86 million from $60.67 million, and that of onion to $7.25 million from $10.09 million.
The import of rice and wheat stood at $22.77 million and $71.72 million respectively in June of this year.
The import of petroleum products declined to $502.28 million in June 2014 from $645.46 million during the same month of last year.
The import of capital machinery increased to $192.20 million in June of this year from $110.86 million in June 2013, the BB data showed.
The BB official said that the central bank hoped that the import of capital machinery would increase more in the coming months if the country does not face further political unrest.
The BB data showed that the opening of letters of credit, or also known as actual import orders, posted a 30.82-per cent growth in June this year compared with that of a negative growth of 17.03 per cent in the same month of 2013.
The higher growth in opening of the LCs means that the imports will increase more in the coming months, the BB official said.
In June this year, LCs worth $3.57 billion were opened by the banks. LCs worth $2.73 billion were opened in June 2013 and $3.29 billion in June 2012.
The BB official said that the country’s import maintained an upward trend in recent months that put a positive impact on the country’s foreign exchange reserve situation.
-With New Age input
