Capital machinery import yet to get momentum

Import of capital machinery, industrial raw materials and intermediate goods is yet to get momentum despite the pickup in economic activity in Bangladesh because of the persisting coronavirus pandemic.

This will only further its already adverse impact on the economy in the days to come as uncertainty is deepening after the deadly flu started spreading once again, both locally and globally.

Between July and December of the current fiscal year, the import of capital machinery stood at $2.65 billion, down 36.62 per cent year-on-year, data from the central bank showed.

The import of capital goods, however, increased 10 per cent during the period.

"The trend indicates that businesspeople are yet to get back their confidence to set up new industrial units or expand their existing ones," said Asif Ibrahim, chairman of the Chittagong Stock Exchange.

Coronavirus infections are surging in some European countries, which are forcing them to impose lockdowns for the second or third times.