Import payments on the rise

Policies needed to maintain balance of payment surplus


Our country’s overall economic activities are gradually gaining momentum despite the ongoing pandemic. Normality has almost returned in overall economic activities, including industrial production. The main reason behind this is the roll out of mass Covid-19 vaccines, which restored business confidence not only in Bangladesh but also in many countries across the globe.

According to a report published in this newspaper on Saturday, the overall import payments of our country increased by 11.85 percent or $528 million in December month-on-month last year. We know that import payment is a major indicator of a nation’s economic state and our country witnessed a 10.1per cent growth or $409million in November last year, according to Bangladesh Bank (BB).

Policies should be implemented so that the 

volume of exports should rise with the surge in the 

volume of import payments, this will ultimately help the economy

Rise in imports indicates that the country’s economy is gradually returning to normalcy. However, the central bank and the government should make sure that the country’s balance of payment does not reach a deficit point because of higher imports. 

Policies should be implemented so that the volume of exports should rise with the surge in the volume of import payments, this will ultimately help the economy. If volume of exports and remittance inflow do not rise then import costs may increase, and these factors will ultimately result in a balance of payments deficit. 

Despite improvements in the import payments, the country's trade deficit is on the rise as well. Therefore, considerate actions should be taken to increase the volume of trade with other countries amid the development in the pandemic situation around the world.

Therefore, economic policies need to be reshaped by keeping the balance of  payment in focus.