The country’s imports posted a robust 43.70-per cent growth in August this year compared with that of 6.03 per cent negative growth in the same month last year due to a rise in payment of bills for food products imported to meet demand for the items in the upcoming Eid-ul-Azha.
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 slightly eased in recent months, a BB official told New Age on Tuesday.
According to the Bangladesh Bank data released on Tuesday, the total import bill payment stood at $3.35 billion in August this year. The figure was $2.33 billion in August 2013 and $2.48 billion in August 2012.
The importers increased their imports of certain food products in August ahead of Eid-ul-Azha, one of the two biggest festivals of Muslims. The festival will be celebrated in the first week of September.
The imports of refined edible oil, pulses, onion, ginger, sugar and dry foods rose significantly in the last month as the demand for the commodities usually rises ahead of Eid-ul-Azha, the official said.
The import of refined edible oil increased to $53.41 million in August 2014 from $32.69 million in August 2013, that of pulses to $40.76 million from $38.62 million, that of ginger to $5.38 million from $4.29 million, that of onion to $18.96 million from $10.68 million, that of sugar to $76.39 million from $46.44 million, and that of powered milk and dairy products to $23.79 million from $15.80 million, the BB data showed.
The import of rice also increased to
$29.41 million in August from $21.40 million in the corresponding month a year ago.
Moreover, the import of garment industry-related products, capital machinery and chemical products including fertilisers also increased in the last month.
The businesspeople are now increasing the import of the products as the political unrest has recently eased slightly, the official said.
The imports of back-to-back products (fabrics, accessories and other materials) for the garment sector increased to $599.70 million in August from $479.34 million in August last year, raw cotton to $189.45 million from $131.47 million, synthetic and mixed yarn to $25.21 million from $21.98 million, cotton yarn to $38.87 million from $24.65 million, chemical products (including fertilisers) to $178.01 million from $135.19 million and capital machinery to $215.72 million from $102.54 million.
The BB data showed that the opening of letters of credit, also known as actual import orders, posted a 21.60-per cent growth in August this year compared with that of 8.50 per cent growth in the same month of 2013.
In August this year, LCs worth $3.28 billion were opened by the banks. LCs worth $2.69 billion were opened in August 2013 and $2.48 billion in August 2012.
The higher growth in opening of the LCs means that the imports will increase more in the coming months, the BB official said.
-With New Age input
