Import trade stagnant

Golam Mowla
Published : 06:00, May 22, 2019 | Updated : 23:13, May 22, 2019

Import trade in the country is stagnant; in February and March, import saw a negative growth, informs a Bangladesh Bank report. The report says that in March, import growth was only 1 per cent and minus 6.28 per cent in February.
Researcher of Bangladesh Institute of Development Studies, BIDS, and Agrani Bank chairman, Dr. Zayed Bakht, says: due to increase of Dollar against the Taka, import has seen a slump. Since Dollar price has risen, many are discouraged from importing.”
As per Bangladesh Bank information, import expenditure in January was $6.13 billion which was Tk 4.7 billion in February and Tk 4.89 billion in March.
Central bank sources say that the import of rice and wheat has fallen; in the current fiscal year, the opening of Letters of Credit, has fallen by 64.75 per cent.
The number of LCs for capital machineries has fallen by 27.66 per cent with a 20.89 per cent decline in the opening of all types of LCs.
Rice traders say that production of crops and food items has risen in the country and so import of rice has gone down. However, taking advantage of zero tariff in 2017, traders hoarded huge amount of rice.
As per central bank information, in the first ten months (July-April) of the 2018-19 fiscal year, Bangladesh has earned $ 390.37 million by exporting which is 11.61 per cent higher than the same period last year.