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Bangladesh’s import payments have surged by 53.74 per cent year on year to $30.3 billion between July and November—the first five months of fiscal 2021-22, according to statistics from Bangladesh Bank. The rising import bills indicate a steady economic recovery. The settlement of letters of credit stood at $19.72 billion in the corresponding period last year.
Yarn, capital machinery and intermediate goods imports had a strong contribution to the bills, which means production lines are kicking and there has been a strong consumer demand at home. However, increasing commodity prices in the international market and rising shipping costs pushed up the import payments, according to a report in a Bangladesh newspaper.
In the first five months of FY22, capital machinery import grew by 30 per cent, import growth of intermediate goods was 70 per cent and that of yarn was 103 per cent.
Bangladesh’s import payments have surged by 53.74 per cent year on year to $30.3 billion between July and November—the first five months of fiscal 2021-22, according to statistics from Bangladesh Bank. The rising import bills indicate a steady economic recovery.The settlement of letters of credit stood at $19.72 billion in the corresponding period last year.
Fibre2Fashion News Desk (DS)
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