July trade deficit doubles
Star Business Report
With a sharp rise in imports, Bangladesh's trade deficit has doubled in the beginning of the current fiscal year compared to the same period of last year.In July this year, the trade deficit stood at $73 million, which was only $35 million in the same month of last fiscal year. The deficit has widened to such a level as imports rose at a higher rate in comparison with export growth. In July, Bangladesh exported products worth $675 million as against import of commodities worth $748 million. The volume of import further increased in August. Letter of credit (L/C) opening rose by 32 per cent in July-August period. Importers opened L/C worth $1761 million as against $1340 million in the corresponding period of last year. However, a 66 per cent rise in L/C opening for import of capital machinery and 33 per cent for industrial raw materials indicate increased investment in industrial sector.
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