Ctg Custom House sees 21.98% revenue growth

Chattogram Custom House, the largest customs station in the country, has achieved a significant boost in revenue collection in the first nine months of the current fiscal year owing to an increase in production and import.

From July to March of the current fiscal year 2021-22, Chattogram Custom House saw 21.98% revenue growth which was Tk42,730.82 crore – about Tk5459 less than the target.

According to Chattogram Custom authorities, the revenue collection is expected to reach nearly Tk60,000 crore compared to Tk51,576.96 crore last fiscal.

The gradual normalisation of the global supply chain following the pandemic-induced shock and a boost in import trade volume contributed to the revenue growth, say officials.

"The collection of customs revenue is mainly dependent on imports. The import volume is usually less at the beginning of a financial year. As we are closing in towards the end of the fiscal, revenue collection is continuously increasing," said Chattogram Custom House Commissioner Mohammad Fakhrul Alam.

In the last fiscal year 2020-21, the revenue collection in the first nine months was Tk35,031.65 crore, which was nearly Tk12,000 crore less than the target.

A review of the revenue collection data of Chattogram Custom House shows that the highest revenue collection of the current fiscal was in March when Tk5,296.69 crore was collected.

President of Chattogram Chamber of Commerce and Industry Mahbubul Alam said that the growth in customs revenue collection is positive for the country's economy.

"More industrial factories are being set up increasing production. Besides, imports have also increased thus contributing to the revenue growth," he added.