Import orders in Nov decline significantly
Sunday, 20 December 2009
FE Report
Both opening of fresh letters of credit (LCs) for imports and settlement of LCs fell significantly in the month of November because of the Eid-ul-Azha festival, officials said.
Opening of fresh LCs against imports, generally known as import orders, declined by 25.35 per cent during the period over the previous month of the current year, according to the central bank statistics.
The settlement of LCs, generally known as actual imports, dropped by 14.83 per cent during the period under review over the previous month of this year, the central bank officials added.
"The country's overall imports are likely to increase this month to meet the growing demand of essential items including fertiliser and petroleum products ahead of Boro cultivation season," a senior official of BB told the FE Saturday.
He also said the import normally falls in the month of Eid festival as most of the bankers and businessmen are reluctant to make fresh imports.
The LCs against imports worth $1.674 billion were settled in November compared to $1.966 billion in October while the import LCs worth $2.260 billion were opened in November compared to $3.028 billion in the previous month of this year.
Bankers said the import of essentials may rise in the month of December because of increase in demand for the items particularly fertiliser and wheat in the local market.
Both opening of fresh letters of credit (LCs) for imports and settlement of LCs fell significantly in the month of November because of the Eid-ul-Azha festival, officials said.
Opening of fresh LCs against imports, generally known as import orders, declined by 25.35 per cent during the period over the previous month of the current year, according to the central bank statistics.
The settlement of LCs, generally known as actual imports, dropped by 14.83 per cent during the period under review over the previous month of this year, the central bank officials added.
"The country's overall imports are likely to increase this month to meet the growing demand of essential items including fertiliser and petroleum products ahead of Boro cultivation season," a senior official of BB told the FE Saturday.
He also said the import normally falls in the month of Eid festival as most of the bankers and businessmen are reluctant to make fresh imports.
The LCs against imports worth $1.674 billion were settled in November compared to $1.966 billion in October while the import LCs worth $2.260 billion were opened in November compared to $3.028 billion in the previous month of this year.
Bankers said the import of essentials may rise in the month of December because of increase in demand for the items particularly fertiliser and wheat in the local market.