Dhaka, Bangladesh (BBN)– Bangladesh’s overall import recorded a significant rise in October this year over the previous month due mainly to increase in import of food grains, officials said.

Opening of letters of credit (LCs) against import, generally known as import orders, increased by 28.95 per cent during the month over September, according to the central bank statistics.

On the other hand, the settlement of LCs, generally known as actual imports, also increased by 12.73 per cent in October over the previous month, they added.

Import LCs worth $3.396 billion were opened in October 2010, compared to $2.634 billion in September, while LCs against import worth $2.412 billion were settled in October against $2.140 billion in September, the BB’s data showed.

Opening of LCs for importing essentials including food grains, capital machinery and petroleum products increased in terms of both quantity and value in October over the previous month, the BB officials said.

Bankers said the import orders of essentials may rise in the month of November due to increase in demand for the items, particularly capital machinery, edible oil, petroleum products and food grains, in the local market.

“The overall import orders in terms of value may remain at a higher level with rise in prices of commodities including wheat, petroleum products, edible oil and food grains in the global market,” a senior official of a commercial bank told BBN in Dhaka.

BBN/SSR/AD-30Nov10-1:35 am (BST)