Higher food grain import contributes to the rise
The country’s imports increased by 14.24 per cent in the first 10 months of the current financial year 2013-14 compared with that of a negative growth of 9.33 per cent in the corresponding period of the FY13 due mainly to rise in imports of consumer goods including food products. According to the latest Bangladesh Bank data, settlement of letters of credit, or generally known as actual imports, stood at $30.59 billion in July-April of the FY14 against that of $26.78 billion in the same period of the FY13.
BB officials said mainly higher import of consumer goods including food grains ahead of Ramadan pushed up the overall imports in the first 10 months of the FY14.
LC opening, or generally known as import orders, in the first 10 months of the FY14 also posted a growth of 11.65 per cent compared with that of a negative growth of 1.42 per cent in the same period of the FY13.
LCs worth $33.41 billion were opened in July-April of the FY14 against LCs worth $29.92 billion opened in the same period of the FY13.
The BB data showed that import of rice increased by 1,446.83 per cent in July-April of the FY14 from that of the same period of the FY13.
Settlement of LCs in the first 10 months of the current financial year for rice was worth $284.72 million against $18.41 million during the same period of the FY13.
A BB official told New Age on Monday that fall in rice prices on the global market was the key reason for the jump in the country’s rice import in the period.
The rise in the rice prices on the local market also encouraged the importers, he said.
He said that appreciation of the local currency against the US dollar also prompted the importers to import the essential item more to meet the growing demand.
Besides, the import of consumer goods has recently posted a higher growth ahead of Ramadan as the demand for soya bean oil, onion, dry foods including dates usually increase in the month, he said.
The BB data showed that the imports of wheat and soya bean oil increased by 86.51 per cent and 29.52 per cent to $909.78 million and $479.02 million respectively in the first 10 months of the FY14 from $487.80 million and $369.84 million in the same period of the FY13.
The imports of onion and dry foods including dates increased by 76.63 per cent and 62.42 per cent to $152.72 million and $18.91 million respectively in July-April of the FY14 from $86.54 million and $11.64 million in the same period of the FY13, the BB data showed.
The imports of fresh foods and pulses increased by 8.63 per cent and 23.36 per cent to $106.49 million and $331.33 million respectively in July-April of the FY14 from $98.03 million and $264.59 million in the same period of the FY13, the data showed.
The BB official said the import of industrial raw materials and capital machinery also increased in the first 10 months of the FY14 as the businesspeople were now importing the products due to an eased situation in the political zone.
The political unrest slightly relaxed in the last few months that encouraged the businesspeople to import the two products although political uncertainty is still persisting in the country, the central banker said.
The imports of industrial raw materials and capital machinery increased by 11.22 per cent and 21.14 per cent to $12.16 billion and $2.09 billion respectively in July-April of the FY14 from $10.94 billion and $1.72 billion in the same period of the FY13, the BB data showed.
-With New Age input
