Dhaka, Bangladesh (BBN)– Bangladesh’s overall import marked a modest growth by 1.63 per cent in the first quarter (Q1) of the current fiscal year over the same previous period, said officials.
The actual import in terms of settlement of letters of credit (LCs) rose to US$9.34 billion during the July-September period of FY 17 from $9.19 billion in the same period of the previous fiscal, according to the central bank’s provisional data.
On the other hand, the opening of LCs, generally known as import orders, grew by 3.46 per cent to $10.44 billion in the first three months of this fiscal from $10.09 billion in the same period of FY 16.
“The country’s overall imports increased marginally during the period under review because of falling trend in commodity prices, including petroleum products’, on the global market,” a senior official of Bangladesh Bank (BB), the country’s central bank, explained.
He expects that the import, particularly of capital machinery and of other construction materials, will pick up in the coming months for implementation of different infrastructure-development projects across the country.
Currently, the government is implementing nine projects under a Fast Track Project Monitoring Committee, headed by Prime Minister Sheikh Hasina, for quick execution works.
The BB official also said the overall import may increase significantly by the end of this fiscal if the implementation of China-pledged projects starts.
A total of 27 agreements and Memoranda of Understanding (MoUs) were signed in Dhaka between Bangladesh and China on October 14 in the presence of Chinese President Xi Jinping and Prime Minister Sheikh Hasina.
Bangladesh’s overall import grew by 4.22 per cent to $40.08 billion in the FY 16 from $38.45 billion in the previous fiscal.