Economic Reporter :
Total import of the country declined drastically by 8.53 per cent in the first quarter (July to September) of the current fiscal 2015-16.
According to the traders, the country experienced 8.53 per cent drop in import expenditure in the first quarter due to stagnation in business expansion and fall in food prices in global market.
The import payment was $9.15 billion in July-September quarter compared to $10 billion in the same quarter in last fiscal year, according to the Bangladesh Bank data released recently.
The import expenditure reduced due to fall in food price in the global market, said a senior executive of Bangladesh Bank.
Moreover, the capital machinery import dropped in recent months amid sluggish investment climate, he said.
The LC (letter of credit) value remained downturn in consecutive two months of August and September.
The LC settlement value decreased by 11.46 per cent to $2.89 billionn in September compared to $3.26 billion in the same period last year.
LC opening of year-on-year basis also dropped by over 11 per cent in September, according to the central bank data.
The LC settlement value against capital machinery import dropped by over 31 per cent to $153m in September compared to $224 million in the previous month.
The current account balance turned surplus to $739 million in July-September quarter, which was negative $293m in the same period last year, thanks to lower import payment.
Total import of the country declined drastically by 8.53 per cent in the first quarter (July to September) of the current fiscal 2015-16.
According to the traders, the country experienced 8.53 per cent drop in import expenditure in the first quarter due to stagnation in business expansion and fall in food prices in global market.
The import payment was $9.15 billion in July-September quarter compared to $10 billion in the same quarter in last fiscal year, according to the Bangladesh Bank data released recently.
The import expenditure reduced due to fall in food price in the global market, said a senior executive of Bangladesh Bank.
Moreover, the capital machinery import dropped in recent months amid sluggish investment climate, he said.
The LC (letter of credit) value remained downturn in consecutive two months of August and September.
The LC settlement value decreased by 11.46 per cent to $2.89 billionn in September compared to $3.26 billion in the same period last year.
LC opening of year-on-year basis also dropped by over 11 per cent in September, according to the central bank data.
The LC settlement value against capital machinery import dropped by over 31 per cent to $153m in September compared to $224 million in the previous month.
The current account balance turned surplus to $739 million in July-September quarter, which was negative $293m in the same period last year, thanks to lower import payment.
