We present results of an observation with Suzaku of the dipping, periodic bursting low mass X-ray binary XB 1323-619. Using the energy band 0.8-70 keV, we show that the source spectrum is well-described as the emission of an extended accretion disk corona, plus a small contribution of blackbody emission from the neutron star. The dip spectrum is well-fitted by the progressive covering model in which the extended ADC is progressively overlapped by the absorbing bulge of low ionization state in the outer accretion disk and that dipping is basically due to photoelectric absorption in the bulge. An energy-independent decrease of flux at high energies (20-70 keV) is shown to be consistent with the level of Thomson scattering expected in the bulge. An absorption feature at 6.67 keV (Fe XXV) is detected in the non-dip spectrum and other possible weak features. In dipping, absorption lines of medium and highly ionized states are seen suggestive of absorption in the ADC but there is no evidence that the lines are stronger than in non-dip. We show that the luminosity of the source has changed substantially since the Exosat observation of 1985, increasing in luminosity between 1985 and 2003, then in 2003-2007 falling to the initial low value. X-ray bursting has again become periodic, which it ceased to be in its highest luminosity state, and we find that the X-ray bursts exhibit both the fast decay and later slow decay characteristic of the rp burning process. We present arguments against the recent proposal that the decrease of continuum flux in the dipping LMXB in general can be explained as absorption in an ionized absorber rather than in the bulge in the outer disk generally accepted to be the site of absorption.