The New Nation - Internet Edition

UNB, Dhaka

Import L/Cs increased by 40 percent to US$ 24.44 billion in the last fiscal year, compared to the previous fiscal (2006-07), due to huge increase in the prices of food items in the international market.

"The imports were much higher during the last fiscal due to increase in food imports that went up both in terms of value and volume," said a senior official of Bangladesh Bank.

During July-June period of 2007-08, rice imports rose 411 percent to US$ 1.4 billion, while wheat 52 percent to US$ 685 million, onions 118 percent to US$ 136 million, pulses 30 percent to US$ 323 million, milkfood 60 percent to US$ 185 million and crude edible oil 76 percent to US$ 1.15 billion. Import of chemical fertilizer also increased by over 100 percent to US$ 971 million, according to Bangladesh Bank figures released Wednesday.

It said the value of L/Cs settled (goods already arrived) during the last fiscal year was also about 28 percent higher than the previous fiscal year.

Of the total L/Cs opened during the year, imports of US$ 9.2 billion remained outstanding as on June 30 this year.