Bangladesh's July-October imports drop over 24 pct-Xinhua

Bangladesh's July-October imports drop over 24 pct

Source: Xinhua| 2023-11-27 17:51:45|Editor: huaxia

DHAKA, Nov. 27 (Xinhua) -- Bangladesh's imports dropped 24.07 percent year-on-year to nearly 22 billion U.S. dollars in the first four months of the 2023-24 fiscal year (July 2023-June 2024), showed the latest central bank data.

According to statistics of the Bangladesh Bank (BB), the settlement of letters of credit (LCs), generally known as actual imports, stood at 21,974.48 million dollars in July-October compared to 28,940.16 million dollars in the same period a year earlier.

In the July-October period, the BB data showed, Bangladesh's overall import orders also declined by 11.52 percent year-on-year.

The overall import orders, officially known as fresh opening of import letters of credit, decreased to 21,819.12 million dollars in July-October against 24,659.55 million dollars in the same period of the last fiscal year, it showed.

The latest BB data showed that the South Asian country's import payment was 69.50 billion dollars, down 15.76 percent, from July 2022 to June 2023.

Bangladesh's trade deficit in the last 2022-23 fiscal year dipped by 48.41 percent year-on-year to 17.16 billion dollars amid shrinking forex reserves-depressed imports.

In its bid to boost Bangladesh's shrinking forex reserves, which dropped to less than 20 billion dollars last week, the bank has taken various measures to discourage imports.