Import rises 3.41pc last fiscal

Siddique Islam | Published: August 03, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

The country's overall import grew by over 3.0 per cent in last fiscal year (FY), 2014-15, following higher level of imported capital machinery for businesses, officials said.
The actual import in terms of settlement of letters of credit (LCs) grew by 3.41 per cent to US$38.45 billion in FY 15, according to the central bank's latest statistics, released on Sunday.
Previous fiscal year's import amounted to $37.19 billion.
On the other hand, the opening of LCs, generally known as import orders, rose by 2.99 per cent to $43.07 billion in FY 15, from $41.82 billion in the previous fiscal.
"The overall imports increased in last fiscal mainly because of higher level of imported capital machinery," a senior official of the Bangladesh Bank (BB) said.
Import of capital machinery or industrial equipment used for production was up by 22.97 per cent to $3.10 billion in the past FY as against $2.52 billion of the previous fiscal.
Higher imports for textiles, leather and tannery, garment, food processing and telecom sectors contributed to the rise in the overall capital machinery import, the central banker added.
"The upward trend in capital machinery import will continue, if the government ensures adequate infrastructural facilities along with supplies of gas and power, particularly for the industrial units," he noted.
The import of intermediate goods, like - coal, hard coke, clinker and scrap vessels, increased 18.26 per cent to $3.35 billion in FY 15 from $2.84 billion in FY 14.
On the other hand, the import of industrial raw materials rose by 3.10 per cent to $15.18 billion in FY 15 from $14.72 billion a year ago.
The import of food-grains, particularly rice and wheat, increased 6.25 per cent to $1.50 billion in last fiscal from $1.41 billion in FY 14, BB data showed.
Talking to the FE, another central bank official said lower prices of commodities, particularly those of petroleum products, in the global market contributed to a decrease in overall import payment pressures in FY 15.
Fuel-oil import bill dropped 24.36 per cent to $3.46 billion in last fiscal from $4.58 billion a year ago due to market slump.
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