Chemical import posts double-digit growth

FE Report | Published: February 23, 2019 22:42:38

The combined import of chemicals has been on the rise for the last couple of years, with the annual average import posting a double-digit growth.
During the past fiscal year, 2017-18 (FY18), the import of chemicals crossed a record $2.0 billion level, according to the central bank statistics.
The data showed import of chemicals stood at $1.26 billion during the first half of the current fiscal year (FY19), registering 10.66 per cent growth over the same period last year.
Chemicals are considered intermediate goods as these are used in different industries as inputs for the production of other goods including final products.
These are, however, inorganic chemicals.
According to Bangladesh customs classification, the chapter-28 includes inorganic chemicals; organic or inorganic compounds of precious metals, of rare earth metals, of radioactive elements or isotopes.
The Chapter-28 is placed under the broader heading of VI which is described as 'products of the chemical or allied.'
There are chapeter-29 and chapter-38 under the broader heading. These chapters include organic chemicals, pharmaceutical products, fertilisers, tanning or dyeing extracts, etc.
Bangladesh Bank, in its 'category-wise imports' table, places these products separately, which indicates the actual import of chemicals is higher than mentioned in the statistics under chemicals only.
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