The country’s import payment for the capital machinery registered a 51.19-per cent growth in July this year compared with that in the same month of last year despite a negative growth in the overall import payment in the period. The overall import payment posted a 0.59-per cent negative growth in July compared with that of 11.60 per cent negative growth in the same month of last year due to a decrease in import of industrial raw materials and major essential commodities. According to the Bangladesh Bank data released on Wednesday, the settlement of letters of credit, generally known as actual imports, stood at $2.82 billion in July. The figure was $2.83 billion in July 2014 and $3.21 billion in July 2013, the data showed. The BB data showed that the import of capital machinery increased to $196.74 million in July against $130.12 million during the same month of last year. Former interim government adviser Mirza Azizul Islam earlier told New Age that suspicion of money laundering through the import of capital machinery continued to grow because of dull business situation in the country. ‘This figure of capital machinery import growth is very suspicious. I don’t see any reason for such an increase when the import growth of raw material is lower,’ he said. He said the overall business situation was dull and sudden rise in capital machinery import payment was not a good sign. ‘There is a possibility that some businessmen are involved in over-invoicing and sending money abroad. The government should investigate the matter,’ he said. A BB official said the central bank had recently tightened the rules for import of capital machinery in a bid to tackle money laundering. The imports had increased slightly in June after a decreasing trend for five months, but it plunged again in July as the businesspeople are yet to gain confidence in the country’s political situation due to the existing uncertainty in the area, he said. The country’s imports posted 7.54 per cent negative growth in January, 4.89 per cent in February, 3 per cent in March and 1.22 per cent in April and 6.29 per cent in May this year against 10.85 per cent, 13.60 per cent, 30.61 per cent, 10.64 per cent and 20.21 per cent growth in the same five months in 2014 as the BNP-led alliance enforced a non-stop blockade supplemented by frequent general strikes during the period. The imports, however, posted 0.43 per cent growth in June this year against 3.96 per cent growth in the same month of 2014. The imports of industrial raw materials and major essential commodities dropped sharply in July amid sluggish business, the BB official said. In July, LC settlement for back-to-back import products of the readymade garment sector (mainly fabrics and accessories) decreased to $459.76 million from $536.08 million in the same month of 2014. The import of petroleum products decreased to $168.58 million in July 2015 from $356.10 million during the same month of 2014 due mainly to lower prices of the products on the international market. LC settlement for some food items decreased in July as the imports of wheat and sugar decreased to $49.33 million and $36.31 million respectively from $63.65 million and $53.03 million in July 2014. The imports of milk food and pulses declined to $14.05 million and $13.72 million respectively in July from $19.81 million and $25.35 million in the same month of 2014. The BB data showed the opening of LCs, also known as actual import orders, posted a negative growth of 22.83 per cent in July this year compared with that of 3.95 per cent negative growth in the same month of 2014. In July this year, LCs worth $2.69 billion were opened by banks. LCs worth $3.48 billion were opened in July 2014 and $3.63 billion in July 2013. The BB official said the businesspeople maintained a go-slow policy to opening fresh LCs in the last few months as the country was yet to be freed from the political uncertainty. The negative growth in opening of the LCs means that the imports may decrease in the coming months if the political uncertainty persists, the BB official added.
