Food import LCs record significant rise
Saturday, 29 December 2007
FE Report
Opening of fresh letters of credit (LCs) against import of essential food items increased by 116.20 per cent during July-December 20 period over that of the same period of the previous fiscal.
The import LCs, especially for rice, wheat, pulse and edible oils, worth US$1.74 billion were opened during the period against US$804.69 million of the corresponding period of the previous fiscal, according to the Bangladesh Bank (BB) statistics.
Both opening and settlement of import LCs of some essential items including rice, wheat, milk food, edible oils, pulses and onion rose during the period to meet the domestic demand, sources said. The prices of most food items have, meanwhile, recorded a steep rise in the international market.
During the period, opening of LCs for the import of rice witnessed a rise by 822.38 per cent as LCs worth $423.28 million were opened compared with $45.89 million of the same period of the last fiscal, the BB sources said.
Opening of LCs for import of wheat marked a rise by 88.61 per cent to $445.12 million during the period against $235.99 million of the corresponding period of the previous fiscal.
Import of edible oils (crude and refined) increased significantly by 75.51 per cent as LCs worth $532.95 million were opened during the period against $203.65 million of the corresponding period of the last fiscal.
Opening of LCs for import of milk food increased by 81.44 per cent to $105.38 million during the period against $58.08 million previously. Import of pulses also witnessed a rise by 29.04 per cent as LCs worth $153.10 million were opened during the July-December 20 period against $188.64 million of the same period of the last fiscal.
During the period, opening of LCs for the import of onion increased by 88.40 per cent to $79.96 million against $42.44 million of the same period of the last fiscal.
"Import of food grains, especially rice and wheat, has increased to meet the growing demand in the local market," sources said.
Opening of fresh letters of credit (LCs) against import of essential food items increased by 116.20 per cent during July-December 20 period over that of the same period of the previous fiscal.
The import LCs, especially for rice, wheat, pulse and edible oils, worth US$1.74 billion were opened during the period against US$804.69 million of the corresponding period of the previous fiscal, according to the Bangladesh Bank (BB) statistics.
Both opening and settlement of import LCs of some essential items including rice, wheat, milk food, edible oils, pulses and onion rose during the period to meet the domestic demand, sources said. The prices of most food items have, meanwhile, recorded a steep rise in the international market.
During the period, opening of LCs for the import of rice witnessed a rise by 822.38 per cent as LCs worth $423.28 million were opened compared with $45.89 million of the same period of the last fiscal, the BB sources said.
Opening of LCs for import of wheat marked a rise by 88.61 per cent to $445.12 million during the period against $235.99 million of the corresponding period of the previous fiscal.
Import of edible oils (crude and refined) increased significantly by 75.51 per cent as LCs worth $532.95 million were opened during the period against $203.65 million of the corresponding period of the last fiscal.
Opening of LCs for import of milk food increased by 81.44 per cent to $105.38 million during the period against $58.08 million previously. Import of pulses also witnessed a rise by 29.04 per cent as LCs worth $153.10 million were opened during the July-December 20 period against $188.64 million of the same period of the last fiscal.
During the period, opening of LCs for the import of onion increased by 88.40 per cent to $79.96 million against $42.44 million of the same period of the last fiscal.
"Import of food grains, especially rice and wheat, has increased to meet the growing demand in the local market," sources said.