Capital machinery import grows 28pc in Q1
Tuesday, 11 November 2008
FHM Humayan Kabir
Import of industrial raw materials and capital machinery grew 28 per cent during the first quarter of fiscal 2008-09, officials said.
According to Bangladesh Bank statistics, import of industrial raw materials registered a growth of 40.36 per cent and capital machinery 15.5 per cent in value during the July-September period compared with that of the corresponding period of last fiscal.
Besides, import of machinery for miscellaneous industries and intermediate goods also increased by 29.68 per cent and 41.18 per cent in value during the same period of current FY09.
A central bank official said raw cotton, different types of fabrics, yarn and accessories for the garment and textile industries, raw materials and capital machinery for pharmaceutical and plastic industries were imported during the period.
The central bank data showed that Bangladeshi entrepreneurs imported industrial raw materials worth US$2.47 billion and capital machinery worth $423.74 million in July-September this fiscal against $1.76 billion and $366.86 million respectively in the corresponding period last year.
Besides, they imported machinery for miscellaneous industries worth $407.80 million and intermediate goods worth $489.24 million in the first quarter this fiscal compared with $314.46 million and $346.53 million respectively in FY08, the central bank said.
"The impressive import growth in capital machinery and raw materials revealed that the business confidence in the country had been revived," research director of Bangladesh Institute of Development Studies (BIDS) Zaid Bakth told the FE.
This is a sign of recovery in the country's economy, he said adding, "If the scheduled election is held peacefully the country's macro-economy will be stronger."
He said growth in both the LC settlement and LC opening during first quarter for importing raw materials and machinery for the textile and ready-made garments (RMG) industries indicates that country's export earnings will be boosted in next years.
Local apparel manufacturers had taken an ambitious annual export target of US $25 billion and creation of additional two million jobs over in next five years, keeping in mind the impact of a lingering global financial crisis.
Import of industrial raw materials and capital machinery grew 28 per cent during the first quarter of fiscal 2008-09, officials said.
According to Bangladesh Bank statistics, import of industrial raw materials registered a growth of 40.36 per cent and capital machinery 15.5 per cent in value during the July-September period compared with that of the corresponding period of last fiscal.
Besides, import of machinery for miscellaneous industries and intermediate goods also increased by 29.68 per cent and 41.18 per cent in value during the same period of current FY09.
A central bank official said raw cotton, different types of fabrics, yarn and accessories for the garment and textile industries, raw materials and capital machinery for pharmaceutical and plastic industries were imported during the period.
The central bank data showed that Bangladeshi entrepreneurs imported industrial raw materials worth US$2.47 billion and capital machinery worth $423.74 million in July-September this fiscal against $1.76 billion and $366.86 million respectively in the corresponding period last year.
Besides, they imported machinery for miscellaneous industries worth $407.80 million and intermediate goods worth $489.24 million in the first quarter this fiscal compared with $314.46 million and $346.53 million respectively in FY08, the central bank said.
"The impressive import growth in capital machinery and raw materials revealed that the business confidence in the country had been revived," research director of Bangladesh Institute of Development Studies (BIDS) Zaid Bakth told the FE.
This is a sign of recovery in the country's economy, he said adding, "If the scheduled election is held peacefully the country's macro-economy will be stronger."
He said growth in both the LC settlement and LC opening during first quarter for importing raw materials and machinery for the textile and ready-made garments (RMG) industries indicates that country's export earnings will be boosted in next years.
Local apparel manufacturers had taken an ambitious annual export target of US $25 billion and creation of additional two million jobs over in next five years, keeping in mind the impact of a lingering global financial crisis.