Import LC opening in Bangladesh fell by 24.79% YoY in Jul-Jan FY23

The country's forex reserve stood at around $44 billion in April last year. At the end of January this year, the reserve fell to $32.22 billion.

According to bankers, capital machinery and luxury goods were imported in large consignments in the first half of FY22 as there were no import restrictions.

Import of capital machinery, consumer goods, intermediate goods and industrial raw materials except petroleum have fallen substantially during the period, according to Bangla media reports.

The government reined in imports in April last year, restricting dollar spending except for daily essentials due to a fast-depleting forex reserve .

LC opening for capital machinery was $1.41 billion during the period, down from $4.25 billion during the corresponding period in the last fiscal.

Import of consumer goods and intermediate goods fell by 18.22 per cent and 33.30 per cent YoY respectively during the period. Imports in these two sectors during the period were worth $4.7 billion and $3 billion respectively.

ALCHEMPro News Desk (DS)