The Bangladesh Bank (BB) yesterday introduced provisions for digital trade documents and alternative finance mechanisms, such as factoring to reduce the economy’s reliance on traditional paper-based Letters of Credit (LCs).

Imports from the US have more than doubled in the first four months of the year, as Bangladesh scrambles to shrink the bilateral trade deficit.

The country’s imports hit a three-year high in July this year, as the economy continued to recover from the dollar crisis that had forced authorities to scale back purchases from abroad..Importers brought in goods worth $6.2 billion in July, up 19.5 percent in the same month a year earlier

Imports of capital machinery edged up in the first six months of the fiscal year (FY) 2023-24, reversing the downturn that persisted for nearly one and half year as political uncertainty ebbs and exporters expect increased orders from western buyers.