Imports grow 32pc on rising oil import bill

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FE Report
The country's overall imports grew by over 32 per cent in the first quarter of the current fiscal, boosted by a massive 56.13 per cent increase in oil import bill, the central bank said Sunday.
"The country's overall import payment marked significant growth as fuel import bill shot through the sky in the first quarter," a Bangladesh Bank official told the FE, quoting data.
Import of petroleum products stood US$766.10 million during the period --- a record quarterly amount the government has spent on fuels --- up from $490.67 million over the same period of the previous fiscal.
The official also said the import of industrial raw materials and capital machinery marked upturn, boding well for the country's manufacturing sector.
Industrial raw material import spiked 40.36 per cent to $2.474 billion during July-September quarter. The amount is up at least $711 million than the corresponding period last year, the central bank said.
The BB said import of capital machinery ---industrial equipment used for production --- rose 15.50 per cent to $423.74 million, reflecting a rising confidence among entrepreneurs in the country's future industrial prospects.
The letters of credit (LCs) against imports worth $5.931 billion were settled during the period, up from $4.491 billion in the same period last fiscal, the BB said.