Imports rise by 10.64pc in April on Ramadan item inflow

May 26, 2014

Import bill payment posted a10.64-per cent growth in April this year compared with that of 2.30 per cent growth in the same month last year due to a rise in payment of bills for food products imported to meet demand in the upcoming Ramadan.
According to the Bangladesh Bank data released on Sunday, the total import bill payment stood at $3.04 billion in April this year.
The figure was $2.74 billion in April 2013 and $2.68 billion in April 2012.
A BB official told New Age on Sunday that the businesspeople were now importing more products as political unrest in the country eased significantly in recent months.
Importers also increased imports of certain food products in April ahead of Ramadan, fasting month for Muslims.
The import of edible oil (both crude and refined), dry foods including dates and pulses rose significantly in April as the demand for the commodities usually rises in Ramadan, he said.
The import of refined edible oil increased to $61.55 million in April 2014 from $23.77 million in April 2013, that of crude edible oil to $82.29 million from $62 million, that of dry foods (including dates) to $3.04 million from $1.94 million, and that of pulses to $29.23 million from $24.76 million, the BB data showed.
The BB official said that the import of rice and wheat had also posted a robust growth in April like the previous months as the prices of the two food products in the global market were now maintaining a decreasing trend.
The import of rice increased to $54.30 million in April this year from $2.46 million in April 2013 and that of wheat to $69.60 million from $58.48 million.
Moreover, the import of garment industry-related products, capital machinery and petroleum products also increased in last month.
The businesspeople are now raising the import of the products as the political unrest has recently eased, the official said.
The import of back-to-back products (fabrics, accessories and other materials) for garment sector, chemical products (including fertilisers) and capital machinery increased to $559.70 million, $163.40 million and $240.20 million respectively in April 2014 from $529.31 million, $150.64 million and $158.28 million in April last year.
The BB data showed that the opening of letters of credit, or also known as actual import orders, posted a 5.35-per cent growth in April this year compared with that of 19.28 per cent growth in the same month of 2013.
The higher growth in opening of the LCs means that the imports be will increased more in the coming months, the BB official said.
In April this year, LCs worth $3.49 billion were opened by the banks.
LCs worth $3.32 billion were opened in April 2013 and $2.78 billion in April 2012.

-With New Age input

http://newagebd.net/14548/imports-rise-by-10-64pc-in-april-on-ramadan-item-inflow/

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