Bangladesh's imports drop by 18.19% YoY in H1 FY24: Central bank

28 Jan '24

1 min read

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Bangladesh's imports fell by 18.19 per cent YoY to $33.68 billion in the first half of fiscal 2023-24.
Its overall import orders also declined by 5.33 per cent YoY to $32,929.31 million during that period against $34,784.72 million in the same period of the last fiscal.
The trade deficit in fiscal 2022-23 dropped by 48.41 per cent YoY to $17.16 billion.

Bangladesh's imports fell by 18.19 per cent year on year (YoY) to $33.68 billion in the first half (H1) of fiscal 2023-24 (FY24), according to the Bangladesh Bank (BB).

The settlement of letters of credit (LCs), generally known as actual imports, stood at $33,683.51 million in the July-December period compared to $41,175.28 million in the same period a year earlier.

The country’s overall import orders, known as the fresh opening of import LCs, also declined by 5.33 per cent YoY to $32,929.31 million during that six-month period against $34,784.72 million in the same period of the last fiscal, domestic media outlets reported.

The country’s trade deficit in fiscal 2022-23 dropped by 48.41 per cent YoY to $17.16 billion.

The central bank has taken several measures to discourage imports to boost shrinking forex reserves, which now stand at around $20 billion.

ALCHEMPro News Desk (DS)

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