DHAKA: Bangladesh’s expenditure on imports have increased despite the drop in oil and food prices in the international market as purchase of capital machinery from abroad have gone up.
Economists, bankers and entrepreneurs are considering this rise in imports ‘positive’ for the economy.
According to the central bank, Bangladesh imported goods worth Tk 29.76 billion in the first nine months of the current fiscal year, beginning July 1, registering a 12.21 percent rise over the same previous period.
Bangladesh Bank Governor Atiur Rahman said the increase in imports amid drop in oil and food prices suggested more investment was coming to the country.
Economists said the fall in euro prices had facilitated Bangladesh’s rise in imports of goods.
According to the central bank, euro was traded at Tk 87.17 on Wednesday in Bangladesh against Tk 107 in January last year. The exchange rate was Tk 84 in March this year. Euro lost 23 percent of its value to taka in around one and a half years.
Bangladesh Institute of Development Studies (BIDS) researcher Zaid Bakht said entrepreneurs of the country were importing more goods from Europe taking the advantage of depreciation of euro.
“That’s why import expenses and trade deficit both are growing,” he said.
“There were many questions from different quarters over the quality of the products that we were importing from China. Now we are importing better products at lower prices,” he added.
The economist said: “Our businessmen and industrialists are utilising this opportunity. That’s why imports of capital machinery, intermediate raw materials and other goods have increased, having a positive impact on investment.
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