Imports surge over 14 pct to $ 30 bln   

Bangladesh’s imports surged 14.24 percent to over 30 billion U.S. dollars in the first 10 months of the current 2013-14 fiscal year ending this month, a central bank official said recently.

The Bangladesh Bank (BB) official said the settlement of letters of credit (LCs), generally known as actual imports, stood at 30,593.74 million U.S. dollars in July-April compared to 26,780. 77 million in the same period a year earlier.

Import orders, officially known as fresh opening of import LCs, also increased by 11.65 percent in the first 10 months of the current fiscal year (July 2013-June 2014), he said quoting provisional BB data.

export-importThe overall import orders increased to 33,414.86 million U.S. dollars in July-April against 29,928.41 million U.S. dollars in the same period of the last fiscal year, the BB data showed, reports Xinhua.

The central bank official who preferred to be unnamed said there is no doubt at all that overall import marked rise on easing political strife.

He said the businessmen who had adopted a wait and see approach in the months before January national elections have now gone for huge import of capital machinery and industrial raw materials.

The country’s industrial sector looks set to perform better in the coming months, he added.

Bangladesh’s import orders, which usually grow by around 20 percent to 40 percent, saw a slower single-digit growth in the last year as the entire economic activities felt the pinch of intensified political unrest until January this year due to a series of hartals and other political and non-political acts of violence that has led the economy to remain in a fragile state.