After a long period, import has fallen. According to Bangladesh Bank information, compared to August 2017, import has fallen by 5.17 percent this August.
Economists say that the upcoming national elections has slowed down investment plus production, resulting in a reduction in product import expenditure.
Chairman of Agrani Bank and director of Bangladesh Development Research Institute, Dr Zaid Bakht, told Bangla Tribune: “with the forthcoming elections, many business owners are not going into production.”
Investment has fallen slightly and loan growth has also seen a plunge, reaching a record low of 14.95 percent in 31 months.
The rise of Dollar against the Taka is also due to a slump in imports, he said.
“With the rise in the price of Dollar, import costs soar, a trend which discourages many.”
In the past, government had to import food which is no longer needed and this has seen a fall in imports, he observed.
Meanwhile, economists fear that by over invoicing, a large amount of money is being sent out of the country.
Bangladesh Bank report says that in August 2018-19, import expenditure was $4.12 billion, which was $4.35 billion in 2017.
In one year, the Taka has devalued by Tk 4 against the US Dollar.