The country’s import payments registered a 5.77-per cent growth in November compared with that of 5.86 per cent rise in the same month of 2014 as the import of food products and industrial raw materials increased significantly in the month. According to the latest Bangladesh Bank data, the overall LC settlement, generally known as actual imports, stood at $3.20 billion in November from that of $3.02 billion in the same month a year ago. The LC settlement was $2.85 billion in November, 2013. BB officials told New Age on Thursday that the import of food products and industrial raw materials increased in November as the businesspeople were now interested in importing the products due to a stable situation in the political arena in the month compared with that in the previous months. In November this year, LC settlements for wheat and sugar were worth $87.89 million and $67.23 million respectively against $67.90 million and $54.52 million in November 2014. The settlement of LCs for dry foods and pulses stood at $3.97 million and $31.97 million in November against $1.25 million and $22.58 million respectively during the same month of 2014. The BB data showed that back-to-back imports for the readymade garment sector increased in November as the export of RMG products maintained an upward trend in recent months. LC settlements for the import of back-to-back RMG sector products — fabrics, accessories and other products — increased to $551.90 million in November from $447.46 million during the same month a year ago. LC settlements in November for textile accessories and textile fabrics were worth $11.42 million and $74.69 million respectively against $2.60 million and $12.31 million in November 2014. Settlement of LCs for the petroleum products posted a negative growth in November compared with that of the same month of last year due to lower prices of the products on the global market. The import payment for the petroleum products stood at $221.71 million in November of this year against $272.70 million in the same month of the FY14. The BB data showed that opening of LCs, also known as actual import orders, posted a 23.91-per cent growth in November this year compared with that of 16.10 per cent rise in the same month of 2014. In November this year, LCs worth $4.09 billion were opened by banks. LCs worth $3.30 billion were opened in November 2014 and $2.84 billion in November 2013. The increased growth of opening of the LCs in November indicated that the country’s imports would maintain an upward trend in the coming months. BB officials, however, said that political uncertainty was still prevailing in the country and that was hurting the confidence of the businesspeople. Imports will face trouble again if the country faces further political unrest, they said.
