Economic rebound drives Bangladesh import surge

According to a report by Bangladesh’s “Financial Express” on September 30, Bangladesh clothing exporters need to purchase large quantities of textile raw materials from the international market to increase production and meet the economic resumption of Western countries. Due to greater demand after opening up, Bangladesh’s imports surged in August. According to the latest statistics from the Bangladesh Central Bank, Bangladesh’s actual imports were US$3.96 billion in July and reached US$5.17 billion in August, an increase of 30.62%. Import orders were US$4.25 billion in July and reached US$6.29 billion in August, an increase of more than 48%. The import value of Bangladeshi textile products settled by back-to-back letters of credit in August jumped to US$690 million from US$490 million in July, an increase of more than 42%. Bangladesh Central Bank officials predict that as the world economy gradually opens up as vaccine coverage improves and coronavirus infection rates decrease, Bangladesh’s import order growth trend will continue in the coming months.