Dhaka, Bangladesh (BBN)- Bangladesh’s overall import orders increased significantly in May 2012 over the previous month due mainly to the upcoming holy Ramadan, officials said.
Opening of letters of credit (LCs) against imports, generally known as import orders, increased by 13.60 per cent to US$ 3.162 billion in May last from $ 2.784 billion of the previous month, according to the central bank statistics.
"The import orders increased in the month of May to meet the growing demand for essential items including edible oil, gram, onion and lentil before and during the holy Ramadan," a senior official of the Bangladesh Bank (BB) told the FE, adding that the upward trend of import orders may continue until mid-July next.
On the other hand, the settlement of LCs, generally known as actual imports, however, increased slightly during the period under review over that of the previous month.
The country's imports rose to $ 2.836 billion in May from $ 2.685 billion of the previous month, the BB data showed.
Bankers, however, said the existing upward trend of import orders may continue through June as a large quantity of essentials are normally imported before Ramadan.
"The import orders for salt, egg, garlic, spices, date, fruits and sugar will increase in the current month to meet the growing demand for the essential items during the fasting month," a private banker said.
BBN/SSR/AD-22June12-12:11 pm (BST)
