From the beginning of the last financial year, the government adopted the policy of austerity. In the dollar crisis, all kinds of initiatives are taken to control imports. In addition to tightening LC openings, scrutiny is increased. In FY2022-23, imports fell by more than $14 billion. This information has emerged in the recent report of Bangladesh Bank.
In the outgoing financial year, the import cost of all the industrial raw materials decreased. In this, the cost of cotton import has decreased by about 3.71 percent. In the financial year 2022-23, the import of this product was $4.27 billion, which was $4.43 billion in the financial year 2021-22. That is, the import decreased by $164.80 million.
Import costs of textiles and related products have fallen more than cotton. $7.94 billion have been spent in this sector in the outgoing financial year. The expenditure in the fiscal year 2021-22 was $9.94 billion dollars. That is, almost $2 billion or more than a 20 percent decrease in the cost of importing textiles and related products.
The import cost of other raw materials and intermediate industrial goods has decreased by more than 21 percent. In the financial year 2021-22, $39.88 billion were spent in this sector. In fiscal year 2022-23, that expenditure has decreased to $31.42 billion. That is, $8.46 billion of import cost has decreased.
In the fiscal year 2022-23, the expenditure on the import of capital equipment was $4.85 billion. In the financial year 2021-22, $5.46 billion were spent in this sector. That is, the cost of importing capital equipment has decreased by about $616 million or 11.27 percent.
Apart from this, the import cost of other capital goods decreased by 20.39 percent. In the outgoing financial year, the import expenditure in this sector was $8.73 billion. The expenditure in the financial year 2021-22 was about $11 billion dollars. That is, the import cost in this sector has decreased by $2.24 billion.
