Imports posted a 20.21-per cent growth in May this year compared with that of 4.48 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 Ramadan.
According to the Bangladesh Bank data released on Thursday, the total import bill payment stood at $3.25 billion in May this year. The figure was $2.70 billion in May 2013 and $2.83 billion in May 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 importers increased their imports of certain food products in May ahead of Ramadan, fasting month for Muslims.
The imports of wheat, sugar, dry foods including dates rose significantly in the last month as the demand for the commodities usually rises in Ramadan which will be started in last week of this month, he said.
The import of wheat increased to $78.16 million in May 2014 from $61.42 million in May 2013, that of sugar to $66.21 million from $6.38 million and that of dry foods (including dates) to $2.28 million from $1.41 million, the BB data showed.
The BB official said that the import of rice had also posted a robust growth in May like the previous few months as the prices of the product in the global market were now maintaining a decreasing trend.
Besides, the domestic demand for rice has also increased in the recent period which pushed up the country’s import costing, he said.
The import of rice increased to $28.34 million in May this year from $0.57 million in May 2013.
Moreover, the import of garment industry-related products, capital machinery and chemical products including fertilisers also increased in last month.
The businesspeople are now raising the import of the products as the political unrest
has recently eased, the official said.
-With New Age input
