Dhaka, Bangladesh (BBN)- Imports fell in July 2010 following their significant rise in May and June when traders brought in large quantities of essentials to meet the demand for holy Ramadan, officials said on Wednesday.
"The central bank has informed about the latest import situation to the authorities concerned for taking necessary measures," a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
Opening of fresh letters of credit (LCs) against imports, generally known as import orders, fell by 9.49 percent in July over that of the previous month of the current calendar year, according to the central bank statistics.
The settlement of LCs, generally known as actual imports, dropped by 9.27 percent during the period over the previous month of this year, the BB officials added.
The import LCs worth $2.526 billion were opened in July compared to $2.791 billion in June this year while the LCs against imports worth $1.753 billion were settled in July 2010 against $1.932 billion in May last.
In May 2010, the import LCs worth $2.940 billion were opened while the LCs against $2.135 billion settled, they added.
Imports of essentials, including rice, sugar, edible oil and onion, increased in terms of both quantity and value in July over the previous month of this year, the BB data showed.
BBN/SI/AD-12Aug10-9:22 am (BST)
