The country's overall imports decreased by nearly 6.0 per cent or US$ 235.16 million in January as compared to the previous month mainly due to lower import of consumer goods and capital machinery, officials said.
Actual import in terms of settlement of letters of credit (LCs) came down to $ 3.89 billion in January 2017 from $ 4.12 billion in December 2016. It was $ 2.89 billion in January 2016, according to the Bangladesh Bank's provisional data.
On the other hand, opening of LCs, known as import orders, fell by nearly 8.0 per cent to $ 4.34 billion last month from $ 4.70 billion in December. It was $ 2.92 billion in January 2016.
"Overall imports dropped slightly in January mainly due to lower import of consumer goods including wheat and edible oil," a senior official of the central bank told the FE.
He also said lower import of capital machinery has also pushed down the overall imports in the month of January as compared to the previous month.
Import of capital machinery or industrial equipment used for production decreased by 9.60 per cent to $ 264.34 million in January from $ 292.40 million a month ago, the BB data showed.
However, import of petroleum products increased slightly during the period under review to meet the growing demand for the items during the ongoing Boro cropping season.
Import of fuel oils rose by 28.74 per cent to $ 218.04 million in January 2017 from $ 169.36 million in December last year. "Overall imports of petroleum products may rise further in the coming months to meet the growing demand for these essential items," another BB official explained.
The central banker expected that import of capital machinery would pick up this month for implementation of different ongoing 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. Talking to the FE, a senior official of a leading private commercial bank said the country's overall imports may increase significantly by the end of this fiscal year due to higher import of capital machinery.
Import of capital machinery rose by 60 per cent to $ 2.87 billion in the first six months of this fiscal year (FY) 2016-17 against $ 1.69 billion during the same period of FY 16.
Bangladesh's overall imports grew by 4.22 per cent to $ 40.08 billion in the FY 16 from $ 38.45 billion in the previous fiscal.
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