Five items lead Ctg Customs’ revenue growth

When the country's international trade is stifled by LC opening restrictions and the dollar crisis, imports of five items through the Chattogram port are showing promising growth, helping the government's much-needed customs revenue collection efforts. 

Among the top revenue-generating import items, only five - high speed diesel oil, motor sprint of HBOC TYPE, broken or crushed stone, other coal, and cement clinker - have seen import growth in the first eight months (July to February) of the current fiscal year.

The port's data show that customs revenue generated from these five items increased by Tk2,000 crore during the period.

Traders have said the import of these items has increased because of their critical importance in the ongoing development projects.

"Despite an overall slowdown, the import of these high-priced critical products had to be kept normal," Chattogram Chamber of Commerce and Industry President Mahbubul Alam told The Business Standard. 

"Besides, the import of some products has decreased. But due to their increased price, the revenue of the customs has gone up," he added.

According to data from the National Board of Revenue, the import of high speed diesel oil from July to February jumped 40% compared to the same period in the previous fiscal year. Import duty collection from this import increased 39% to Tk998 crore.

Import of broken or crushed stone saw an increase of 37% with Tk366 crore or 80% revenue growth during the period. 

Import of cement clinker increased by 5%, generating Tk247 crore in higher revenue.

Revenue from other coal increased by Tk191 crore with 30% import growth. 

Import of motor sprint of HBOC TYPE grew by 43% and revenue from the product increased by Tk199 crore.

Besides, the import of palm oil, also among the top revenue-earning items, jumped by 33%. However, due to its reduced price in the international market, revenue from it contracted by Tk476 crore. 

"Any increase in imports depends on demand. Due to difficulties in the opening of LCs, import of some goods has decreased," Md Bodruzzaman Munshi, deputy commissioner of Chattogram Custom House, told TBS.

Now, the situation is gradually getting back to normal, he added.

He also said imports of items fluctuate depending on international market prices affecting customs revenue. 

Traditionally, high-speed diesel oil, motor sprint of HBOC TYPE, broken or crushed stone, other coal, cement clinker, petroleum oil, coal, palm oil, fresh or dried oranges, lubricating oil, crude oil, milk cream powder and finishing ceramic are among the top revenue-generating import items, according to the list of Customs House, Chattogram.