The country's import bills dropped to $5.38 billion in August from $6.79 billion a month before, thanks to lower fuel and capital equipment procurement.
Fuel oil and capital machinery contributed more than 65% to the $1.41 billion import fall in August, as shown in Bangladesh Bank data.
The country paid $1.01 billion in July for crude and refined fuel, which plummeted by more than 57% to $433 million in August.
Capital equipment import in July cost the country $617 million, which dropped by 55% to $276 million in August.
Besides, letters of credit (LC) opening for fuel and machinery import fell substantially.
LC opening for fuel oil import dropped by 60% in August compared to the previous month, while capital equipment LCs posted a 32% fall.
Of 34 items, central bank data show that import costs of 20 commodities, including wheat, edible oil and coal, decreased in August.
Import payment for wheat decreased by 52%, dairy food by 23.3%, refined edible oil by 40%, crude edible oil by 48%, BP sheet by 77% and computer and IT accessories by 39%.
Bangladesh Bank officials attributed the fall to several measures by the central bank such as widening the LC margin for some products up to 100% and mandating notifying the central bank at least 24 hours ago for opening import LCs over $3 million.
Import cost for 14 products, including rice, sugar, lentils, onions and medicines, increased in August compared to July. Besides, products like fertilizer, cement, motor vehicles and scrap vessels are also on the list of import cost hikes.
Fertilizers topped import cost hikes in August. Payment for fertilizer import cost the country $276 million in July, which rose by 46% to $404 million in August.
Import bills for rice surged by 68% in August compared to the previous month. Bangladesh spent $16.78 million in August to bring in 288,000 tonnes of the food staple.
Sugar imports cost $11 million or 22% more last month than in July.
Onion imports were $6 million in July, which surged to around $14 million next month.
Medicine import bills also increased by 66% compared to July.
