The country’s overall imports increased by 10.85 per cent in January of this year against a negative growth of 6.45 per cent in the corresponding month of last year due mainly to higher import of food gains — particularly rice and wheat — and capital machinery. According to Bangladesh Bank data, the overall settlement of letters of credit, generally known as actual import, stood at $3.29 billion in January of this year. The figure was $2.96 billion in January 2013 and $3.17 billion in January 2012.
A BB official told New Age on Wednesday that the importers was encouraged in importing more products in January than the previous few months as the businesspeople got a respite in the last month from the a situation of political unrest.
The import will increase more in the months to come, if the country could avoid the political unrest, he said.
The BB data showed that the import of capital machinery, rice and wheat increased to $186.34 million, $28.29 million and $85.59 million respectively in January from those of $116.70 million, $0.63 million and $31.38 million respectively in January last year.
The import of rice increased gradually in the recent months due mainly to lower prices of the essential commodity on the international market, the BB official said.
Besides, the price of rice increased on the local market over the last few months which encouraged the businessmen to import the commodity more, he said.
Besides, the production of rice in the country declined during the last financial year that pushed up the import of the staple food after the country had enjoyed available food grains in the previous few years.
The BB official said that the businesspeople had been importing huge
amount of capital machinery for the last months which had already raised suspicion that money laundering might have occurred in the process, the central banker said.
The import of capital machinery had declined sharply in the FY13 but it increased in the recent months of this financial year despite having unfriendly business environment in the country amid political unrest, he said.
Against the backdrop, the Anti-Corruption Commission has already launched an enquiry to detect the real cause of increasing trend in higher import of the capital machinery.
Opening of LCs against imports, generally known as import orders, increased by 5.72 per cent in January compared with that of 15.87 per cent growth in the corresponding month of 2012. n January last year, LCs worth $3.44 billion were opened by the banks. LCs worth $3.26 billion were opened in January 2013 and $2.81 billion in January 2012.
-With New Age input
