Import of 20 goods thru Ctg port halves, revenue drops by Tk2,514cr

• In 8 months of FY23, imports were 44,47 lakh tonnes
• It fetched Tk2,605 crore in revenue 
• In the same period in FY22, the imports were 89.05 lakh tonnes
• It brought in Tk5,119 crore in revenue

Imports of 20 types of import products through the Chattogram port have halved in the eight months of the current fiscal year 2022-23 compared to the same period last FY, resulting in a drop in revenue earning by Tk2514 crore, according to Chattogram Custom House data.

In the eight months of FY23, the import of these products, including cane sugar and betel nuts, was 44,47 lakh tonnes, which generated Tk2,605 crore revenue earning. During the same period in FY22, import volume of these products were 89.05 lakh tonnes that brought in Tk5,119 crore in revenue.

However, overall revenue collection from July to February of FY23 has registered a 4.73% growth year-on-year to Tk39,203.53 crore, from Tk37,434.13 crore in the same period last FY.

Import of cane sugar during the eight months has dropped by 70% resulting in a decline of Tk446 crore in revenue earning.

Not only cane sugar, import of some 20 types of products, which are imported more during normal times, have decreased at an abnormal rate due to the dollar crisis which led to restriction in opening letter of credits (LCs) 

According to the National Board of Revenue, the second item in the list of the most imported items is betel nuts. Compared to FY22, revenue of the product has decreased by 98% or Tk 225 crore in the 8 months of FY23.

Besides, revenue dropped by 22% in Hot-rolled products, 29% in Polyvinyl Chloride products, 48% in Recondition Motor Cars & other Vehicles, 64% in Vessels and other floating structures for breaking up products, 41% in products Imported by VAT registered manufacturers as raw material, 94% Structures And Parts Of Structures, in Nes Of Iron products, 70% in Bridges And Bridge Sections of Iron or Steel products, 61% in Double cabin pickup, CBU products, 72% in CNC operated wheeled vehicle products, 59% in Piston engine products, 97% in Parts of air condition products, 97% in Calcium Chloride products, 76% in Diesel electric locomotives products, 67% in Motor cars & other vehicles (16000-2000 CC), 86% in Motor cars & other vehicles, 68% in Other fish, excluding livers products, 13% in Apples, Fresh products, and 83% in Frozen Boneless Bovine Meat products.

Chattogram Custom House Deputy Commissioner Bodruzzaman Munshi told TBS, "We could not achieve our revenue target due to reduced imports. However, the amount of imports is increasing from the current month of March. We expect overall customs growth of 10% by June."

Islami Bank Executive Committee Chairman Professor Dr Md Salim Uddin said, "Bangladesh Bank is strict on the import of such luxury products which are not necessary. The National Board of Revenue also increased the duty rates on certain products. Due to this, the import of goods has decreased compared to the last fiscal year. As a result, revenue, VAT, and taxes have naturally decreased."

He also said that the consumption of luxury goods will decrease due to the ongoing crisis, which may cause the economy to contract somewhat.