Economic Reporter :
Capital machinery imports rose during July-February period in the current fiscal (2015-16) despite a decrease in the total value of import Letter of Credits (LCs).
Between July 2015 and February 15, 2016, US$ 2212.40 million worth of LC settlements for capital machinery were made, a year-to-year increase of 15.46 per cent, says a data of Bangladesh Bank.
During the same period of 2014-15 fiscal, total LC settlements for capital machinery was at $1916.10 million.
Total value of import LCs opened by authorized dealer banks during July-February 15,2016, was US$ 27577.27 million which was 1.67 per cent lower than that in the same period of the previous year (US$ 28044.38 million).
Value of LCs settled during July,-February 15, 2016, totalled US$ 26855.53 million which was 5.58 per cent higher than that in the same period of the previous year (US$ 25436.82 million).
The central bank data shows significant decrease in LC opening for import of rice (75.40 per cent), wheat (11.72 per cent), all sorts of pulses (16.98 per cent), Milk Food (34.37 per cent) and sugar (27.98 per cent). These items are major consumer goods.
Significant increase was recorded in opening of LCs in Pharmaceutical Raw materials(10.13 per cent), Intermediate goods (7.40 per cent), Capital machinery (10.98 per cent) and Coal and Coke (19.89 per cent) during the period under review.
