Economy Desk: The import of consumer goods has decreased due to the inability to open letters of credit (LC) as per demand. In the first nine months (July–March) of the current financial year 2023–24, the LC opening of consumer goods has decreased by about 15 percent. In addition, disposals have decreased by more than 20 percent.
According to Bangladesh Bank data, during the fiscal year 2022–23 (July–March), LCs were opened for the import of consumer goods worth 6.14 billion (84 million dollars). Which has reached 524 million 79 million dollars at the same time of the current 2023–24 financial year. According to that, in the first nine months of this year, LC openings decreased by 90.5 million dollars. The LC opening rate decreased by 14.65 percent.
Meanwhile, in the first nine months of the financial year 2022–23, consumer goods debt settlement was worth 603 crore and 23 lakh dollars. During the same period of the current fiscal year 2023–24, the LC of consumer goods has been settled at 482 million to 18 million dollars. According to that, in the first nine months of this year, the LC of 121 million 5 million dollars has been settled less. The LC settlement rate decreased by 20.07 percent as a percentage. Importers said that strict conditions were imposed on luxury goods to cope with the dollar-crisis pressure, but they also fell on everyday goods at some point. Importers are not able to import goods due to the increase in dollar value, and supply is not normal. Goods were imported by supplying dollars at prices higher than the market price. But it is difficult to sustain business by buying dollars at such a price. In such a scenario, both LC opening and settlement for imports have declined despite demand for consumer goods. It has increased the price of goods. Increased prices have affected the common people.
According to the Central Bank report, LCs opened for the import of industrial raw materials in the first nine months of the financial year 2022–23 were worth $1,791,380,000. And during the same period of the current fiscal year 2023–24, the LC of industrial raw materials was opened for 1 thousand 766 crore, or 12 lakh dollars. Accordingly, a LC of 25 crore 26 lakh dollars has been opened. Similarly, in the first nine months of the last financial year, the LC settlement for the import of industrial raw materials was 2,820,140,000 dollars. And during the same period of the current financial year 2023–24, the LC for the import of industrial raw materials has been settled at 1 thousand 627 crore, or 29 lakh dollars. According to that, in the first nine months of this year, the LC of 455 million to 85 million dollars has been less settled.
