Ctg Customs House earns record Tk61,465cr revenue in FY23

Chattogram Customs House collected a record revenue of Tk61,464.72 crore in FY23, riding on higher imports in the final two months of the just concluded fiscal year.

This amount is 3.90% higher than that of the previous fiscal year when revenue was collected at TK59,159.83 crore.

However, the collected revenue fell Tk17% short of the Tk74,206 crore target.

Stakeholders said such a record revenue amid a period of a global economic recession is positive news for the country's economy.

They believe that revenue collection has increased due to customs' various initiatives to stop smuggling and prevent fraud and duty evasion.

Customs officials said the revenue collection was low in the first months of FY23 due to the decrease in the import of luxury goods including cars, cosmetics, electronics, etc.

However, revenue picked up in May and June ahead of the new budget due to the increase in car imports.

If imports in FY23 were not affected by economic slump, the revenue would have been around Tk70,000 crore, according to customs officials.

Md Bodruzzaman Munshi, deputy commissioner of Chattogram Customs House told The Business Standard that the customs station attaining a record growth in revenue collection at a time when the import of luxury goods is restricted is a "milestone". 

Increase in final months

According to the data of Chattogram Customs House, revenue growth was negative in September, December, January, February, March and April. 

However, imports usually increase towards the end of the fiscal year ahead of the new budget in fear of duty hikes on various products, experts said.

In continuation of this trend, imports began to pick up pace in the last quarter of FY23 (April, May, June). In May, revenue collection hit a record high, which was subsequently surpassed in June. 

Revenue collection at Chattogram Customs House was Tk4,781.21 crore in July, Tk5,498.48 crore in August, Tk5,105.18 crore in September, Tk4,918.65 crore in October, Tk5,479.56 crore in November, Tk4,388.05 crore in December, Tk 4,744.61 crore in January, Tk4,287.79 crore in February, Tk5,052.52 crore in March, Tk4,534.05 crore in April, Tk6,308.91 crore in May, and the highest Tk6,365.71 crore in June.

Chattogram Chamber of Commerce and Industry President Mahbubul Alam told TBS that the record high revenue is very good news for the country's economy amid the global trade recession.

"It appears that imports in the country have increased. As the supply chain has improved in the country due to the increase in imports, revenue has also increased," he added.