In the early months of the 2024-25 fiscal year, Bangladesh has seen a decline in goods imports compared to the same period last year. During July and August, imports decreased by 6.25% to 1.98 million tons from 2.11 million tons. Despite the reduced volume, import expenditure rose by 2.45%, increasing from $1.199 billion in July-August 2023 to $1.228 billion in the same period of 2024. August alone saw an 18% drop in import volume, with around 930,000 tons worth $612 million imported, down from 1.14 million tons worth $620 million in the previous year. This decrease is attributed to the political changes in early August, leading to reduced opening of letters of credit and cautious business strategies amid uncertainty. However, imports of raw materials for export-oriented industries increased from 850,000 tons to 950,000 tons during this time. Experts believe the trend of declining imports is temporary, and with ongoing reforms in the banking sector, imports are expected to normalize, indicating no immediate crisis in essential goods.
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