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Dhaka Tribune

Import drops 8.5% in Q1

Update : 12 Nov 2015, 06:56 PM

The country experienced 8.53% drop in import expenditure in the first quarter of the current fiscal year due to stagnation in business expansion and fall in food prices in global market.

The import payment was $9.15bn in July-September quarter compared to $10bn 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% to $2.89bn in September compared to $3.26bn in the same period last year.

LC opening of year-on-year basis also dropped by over 11% in September, according to the central bank data.

The LC settlement value against capital machinery import dropped by over 31% to $153m in September compared to $224m in the previous month.

The current account balance turned surplus to $739m in July-September quarter which was negative $293m in the same period last year, thanks to lower import payment. 

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