Imports nosedive in July-March amid poor business climate

The country’s import bill payment registered a negative growth in the first nine months of the current financial year on year-on-year basis like the last few months as the import of capital machinery and industrial raw materials declined sharply amid a negative investment situation, said Bangladesh Bank officials. According to the BB data released on Monday, the overall import bill payment in July-March of the FY 2012-13 posted a negative growth of 10.40 per cent compared with that of 14.60 per cent growth during the corresponding period of the FY 2011-12.
A BB official told New Age on Monday that an unfavorable business environment due to the recent spates of political violence had affected the import bill payment.
The business people have now adopted a ‘wait and see’ approach to further expand their investment as an insecurity situation has been created for the trade and commerce due to the political unrest ahead of the national election, he said.
The BB data showed the settlement of letters of credit or import bill payment in July-March of the FY 2012-13 stood at $23.98 billion against that of $26.77 billion in the same period of the FY 2011-12.
LC opening in the first nine months of the FY 2012-13 also posted a negative growth of 2.27 per cent compared with that of a negative growth of 8.35 per cent in the same period of the FY 2011-12.
LCs worth $26.63 billion were opened in July-March against the LCs worth $27.25 billion opened in the corresponding period of the FY 2011-12.
The lower import growth may hit severely the country’s expected gross domestic products for the FY 2012-13 as the capital machinery and the industrials raw materials are considered as pivotal components to expand the industrial sector, another BB official said.
The BB data showed that growth in settlement of LCs for industrial raw materials and capital machinery had registered negative growth — 5.11 per cent for industrial raw materials and 18.09 per cent for capital machinery — in July-March of the FY 2012-13.
Growth in settlement of LCs for industrial raw materials was 12.73 per cent and that for capital machinery was 22.18 per cent in July-March of the FY 2011-12.
Settlement of LCs in the first nine months of the current financial year for industrial raw materials was worth $9.81 billion and that for capital machinery $1.51 billion.
LC settlement for industrial raw materials was worth $10.34 billion and that for capital machinery worth $1.85 billion in the first nine months of the FY 2011-12.
The BB official said that the existing gas and electricity shortage in the industrial sector had also discouraged the businessmen to set up new industrial unit which also put a negative impact on the import payment.
The import of food grains also decreased significantly in the period due to a bumper production in the few harvesting sessions, showed the BB data.
LCs settlements for food grains (rice and wheat) in July-March posted a negative growth of 37.76 per cent from a negative growth of 48.46 per cent in the same period of the FY 2011-12.
Settlement of LCs in the first nine months of the current financial year for rice and wheat were worth $443.84 million against $713.08 million during the same period of the FY 2011-12.

-with New Age input

Related News

Akij Ceramics opens Khulna, Barishal showrooms

Business Desk : dhakamirror.com Akij Ceramics, the number one brand in the ceramic tile industry in Bangladesh, has opened two exclusive showrooms in Khulna and Barishal. As part of its efforts of being close to the customers, Akij Ceramics inaugurated an exclusive business associate showroom at 197 M A Bari Sharok, Khulna “M/S Jannat Enterprise ... Read more

Kansai Nerolac Paints inspires dealers with incentive trip to Japan

Business Desk : dhakamirror.com Kansai Nerolac Paints (Bangladesh) Ltd (KNPBL), a group of company of Kansai Paint Co, Ltd, Japan, recently organised an incentive trip for its 35 respected paint dealers to Japan. The trip aimed to reward the outstanding performance of these dealers and strengthen the business relationship between KNPBL and its valued partners, ... Read more

Grameenphone launches Meet & Greet Service to improve air travel experience for GP Star users

Business Desk : dhakamirror.com As a part of its unwavering commitment to prioritise customer satisfaction, Grameenphone has recently introduced a complimentary ‘Meet & Greet’ service at the Hazrat Shahjalal International Airport in Dhaka, enhancing the travel experience exclusively for its loyal GPStar Platinum Plus customers. Starting from 16 May, GPStar Platinum Plus customers can look ... Read more

IDCOL funds Bangladesh’s first commercial floating solar project

Business Desk : dhakamirror.com The IDCOL has financed a commercial floating solar project with a capacity of 784 kWp which utilises unused space of artificial water bodies, previously used for fish farming only. This project is the first large-scale grid connected floating solar PV system in Bangladesh. IDCOL has provided concessionary financing for this project ... Read more

Berger will retain MD Rupali Chowdhury for three years more

Business Desk : dhakamirror.com Berger Paints Bangladesh Limited has recently extended the contract of its managing director, Rupali Chowdhury, for an another three-year term. The company has also appointed Md Mohsin Habib Chowdhury as its chief operating officer. Rupali joined Berger Paints in 1990 as a planning manager and worked in different capacities, including marketing, ... Read more

BOU begins teaching in Italy

News Desk : dhakamirror.com Bangladesh Open University vice-chancellor Syed Humayun Akhtar inaugurated the BOU Education Programme for SSC, HSC and BA/BSS levels in Italy on Thursday online. Md Shamim Ahsan, Ambassador of Bangladesh Embassy in Italy, BOU pro-vice-chancellor (education) Mahbuba Nasreen, registrar Shafiqul Alam, Open School dean Sabina Yasmin and School of Social Sciences, Humanities ... Read more

Bengal Meat launches Online Qurbani Haat

Business Desk : dhakamirror.com On the occasion for the upcoming Eid-ul-Adha, Bengal Meat has once again launched their Online Qurbani Haat. At a press conference on Thursday at Bengal Meat’s head office in Dhaka, officials of Bengal Meat announced the commencement of Qurbani portal for the 9th year in a row, reads a press release. ... Read more

Agora opens new outlet in Sylhet

Business Desk : dhakamirror.com Agora opened a new outlet at Sylhet Upashahar Level 1 (East), Syed Plaza, Plot-1, Block-D, Multiplan Shahjalal City, Shahjalal Housing State (Upashahar), Sylhet on 1 June. At the launching programme, Sylhet City Corporation Mayor Ariful Haque Choudhury was present as the chief guest, reads a press release. Agora Limited Director In ... Read more

Prices of ballpoint pens to go up

Business Desk : dhakamirror.com Ballpoint pens may become costlier in Bangladesh as the government wants to impose 15 per cent value-added tax on its manufacturing in the country. The price of all types of educational materials, including pens, has spiralled in recent times and the finance minister today proposed imposing new tax on ballpoint pens, ... Read more

Brac launches career hub in Chattogram to bridge the gap between jobseekers and employers

Business Desk : dhakamirror.com Brac Skill Development Programme in partnership with Citi Foundation has launched the Career Hub in the port city on Saturday (27 May) at the International Convention Centre, Chattogram to bridge the gap between jobseekers and employers, according to a press release. The main objective of the Career Hub is to create ... Read more

ITFC inks $1.4bn financing plan with govt for energy security

Business Desk : dhakamirror.com The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed an annual financing plan with the government for $1.4 billion. The agreement, signed at the ITFC Headquarters in Jeddah, took place during the official visit of the high-level delegation from Bangladesh, it said ... Read more

SMAC IT launches software ‘ProFund’ to manage provident fund

Business Desk : dhakamirror.com SMAC IT Limited (SIL), a software development company, yesterday launched a provident fund management software “ProFund” as its latest product innovation in the finance management sector. The product launch ceremony took place at a hotel in Dhaka in presence of industry leaders and top finance professionals, said a press release. The ... Read more

GP recharge through Bkash: Customers win many prizes including 2 motorbikes

Business Desk : dhakamirror.com Bkash has handed over the prizes to the motorbike winners of the “Bike Hobe Tar, Bkash Theke Grameenphone-a Sharboccho Recharge Jar” campaign. Besides, in the two-phase campaign, a total of 1,200 customers won various prizes including cashback and coupons, reads a press release. Shafayatul Islam Khan, executive vice president and Mahbubul ... Read more

BGMEA donates ambulance to support emergency health services

Business Desk : dhakamirror.com The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has donated an ambulance to Manabik ShahajyaSangstha (MSS) to support emergency health services to people including underprivileged people in society. BGMEA President Faruque Hassan handed over the key of the ambulance to President of MSS Feroz M Hassan at a program held at ... Read more

StanChart, JBCCI, JCIAD, and JETRO to help accelerate Japan-Bangladesh partnership

Business Desk : dhakamirror.com All should work towards accelerating Japan-Bangladesh strategic partnership so that it will deepen economic cooperation, leverage the decades-long friendship and fuel growth between the two nations, according to speakers at a discussion. The event, titled “Our Shared Aspiration: Accelerating the Japan-Bangladesh Strategic Partnership”, was jointly organised by Standard Chartered, the Japan-Bangladesh ... Read more

Anwar Ispat, China Railway Construction Bridge Engineering Bureau Group sign agreement

Business Desk : dhakamirror.com Anwar Ispat, a steel manufacturer in Bangladesh, has signed an agreement with China Railway Construction Bridge Engineering Bureau Group (CRCC-BEBG), an international construction company. The Hatikumrul Interchange project, a flagship initiative in Bangladesh’s infrastructure development, aims to revolutionise transportation networks by improving connectivity and facilitating smoother traffic flow. With a total ... Read more

BGCCI concludes 21st AGM and elected M Maksud as the new president

Business Desk : dhakamirror.com The Bangladesh-German Chamber of Commerce and Industry (BGCCI) held its highly anticipated 21st Annual General Meeting (AGM) on 28 May, with the participation of the esteemed BGCCI Executive Board and a large number of its valued members. The event proved to be a significant milestone for the chamber, showcasing the continued ... Read more

wagely, Shadhin to provide smartphone EMI facility for RMG workers

Business Desk : dhakamirror.com wagely and Shadhin Fintech have announced the launch of an exciting new initiative that will allow EMI purchases for Bangladeshi readymade garment (RMG) workers for the first time. This innovative partnership aims to digitally empower workers in the RMG industry by offering them affordable access to smartphones, allowing them to make ... Read more

Daraz and Visa partners to introduce co-branded card to enhance online shopping experience

Business Desk : dhakamirror.com Daraz, the leading e-commerce marketplace in Bangladesh, in collaboration with Visa, the global leader in digital payments, has announced an exciting partnership to introduce a co-branded card. This collaboration not only aims to create a seamless payment solution for all Daraz customers, but also revolutionise the online shopping experience by presenting ... Read more

UCB launches Agro CSR project ‘Voroshar Notun Janala’

Business Desk : dhakamirror.com A press conference was organised in Dhaka on Wednesday to introduce the Agro CSR project 2023 of United Commercial Bank (UCB) PLC titled ‘Voroshar Notun Janala’, logo unveiling of the project and signing of MoU with Rural Development Academy (RDA). UCB Managing Director and CEO Arif Quadri unveiled the logo of ... Read more