Imports decreased by 20.64 percent

Staff Correspondent: Since the beginning of the last financial year, strict measures have been imposed on imports, the impact of which was seen in October. While import growth was positive from July to September, it turned negative in October of FY 2022-23. Since then, there has been negative growth in imports for 13 consecutive months till October of the current (2023-24) financial year. Out of this, the import has decreased by 20.64 percent in the four months from July to October of the current financial year.
This information has emerged in the recently published report of Bangladesh Bank. It can be seen that the total import of goods worth $21.8721 billion in the four months of the current fiscal year.
In the same period of the last financial year, the amount was $27.56 billion. In other words, import decreased by $5.6879 billion in four months. In addition to imports, LC opening has decreased by 14.06 percent in five months of the current financial year (July-November). And during this period LC settlement decreased by 27.32 percent.
According to the data of Bangladesh Bank, the import of food grains has decreased by more than 14 percent in the four months of the current financial year. Of this, rice import has decreased by 97.50 percent. Mainly due to good growth in paddy production, rice import has come down to zero. A small amount of fragrant rice was imported during the four months. However, wheat import increased by 19.11 percent during this period. Overall food grain imports in four months were $0.4958 billion, which was 0.5767 billion in the same period last fiscal year.
Along with foodgrains, imports of other consumer goods also fell in the four months of the current fiscal year. However, during this period the import of sugar increased significantly. The import of consumer goods during July-October of the last financial year was $1.8621 billion. In the current financial year, it has decreased to $1.4883 billion. That is, the import of consumer goods has decreased by more than 20 percent. Of this, the import of edible oil has decreased by 44.11 percent. However, sugar import has increased by 175.47 percent. Apart from this, the import of other consumer goods decreased by about 13 percent.
Crude oil is on the second position in terms of import growth in the current financial year. In the four months it imported $0.4034 billion, which was $0.2929 billion last fiscal. That is, the import of fuel oil has increased by 37.73 percent. However, the import of cotton decreased by 39.26 percent, yarn and other related textile products by 17.82 percent and the import of other secondary products decreased by about 23 percent. In all, the total import of secondary products decreased by 22.76 percent.
Apart from this, the import of capital goods has decreased by 21.75 percent in the current financial year. In the last fiscal year, the import of such products was 4.7994 billion. In the current financial year, it has decreased to $3.7554 billion. Among capital goods, import of capital machinery decreased by 20.76 percent and import of other capital goods decreased by 22.31 percent. Import of other products outside the mentioned sectors decreased by 8.87 percent.
According to the data of Bangladesh Bank, in continuation of the last financial year, the downward trend in LC opening and settlement is continuing in the current financial year as well. During the July-November period of the current financial year, LCs were opened at $27.5322 billion, which was $32.0355 billion in the same period of the previous financial year. And in the five months of the current fiscal year, LC has settled $27.9585 billion; Last fiscal year which was $38.4674 billion.
Even in the recession onion, masala, B.P. LC opening and settlement of sheet and sugar imports increased significantly. Onion LC opening increased by 112.40 percent and settlement increased by 105.77 percent. Masala LC opening increased by 92.82 percent and settlement increased by 89.87 percent. BP sheet LC opening increased by 48.29 percent and settlement increased by 31.60 percent. In sugar import, LC opening has increased by 27.76 percent and settlement has increased by about 74 percent. Besides, LC opening of other iron and steel products has increased by 70 percent and settlement has increased by about 14 percent.
Apart from this, LC opening and disposal of import of tin plate, paper and paper board, milk and milk products, pharmaceutical raw materials has increased. However, the growth rate in these is relatively low. And LC opening and settlement of machinery for garment sector and imports of synthetic fiber and cotton increased nominally. Besides, LC opening has increased on imports of iron and steel scrap, seeds, marine diesel engines, tractors and power tillers; However, LC settlement has decreased. And LC settlement increased on imports of coal, scrap ships and pharmaceutical machinery. However, LC opening has decreased.