Imports thru Ctg port rise 6% as trade shows signs of recovery

Infographic: TBS

Imports through Chattogram Port grew 6.33% year-on-year in the first ten months of the current fiscal year, signalling a recovery amid persistent economic challenges.

Data from Chattogram Custom House show that 7.87 crore tonnes of goods were imported during the July–April period of 2024-25 fiscal year, compared to 7.40 crore tonnes in the same period last year.

The dutiable value of imports rose to Tk4.23 lakh crore, which is 14.35% higher than last year's Tk3.70 lakh crore during the same period, the data show.

Trade activity, measured through import and export shipments, also showed improvement. Chattogram Customs received 24.15 lakh bills of entry and export between July and April, up 11% from 21.85 lakh in the previous fiscal year.

Import-specific growth was also strong, with 5.73 lakh import bills of entry filed, up from 5 lakh last year. Custom officials said on average, 1,910 import bills of entry are submitted daily, underscoring steady commercial movement.

Traders and experts view this upward trend as a sign of recovery amid challenges posed by the prolonged dollar crisis and complications in opening letters of credit (LCs).

Despite slow growth in global trade and domestic constraints, the consistent rise in imports and shipment volume offers a degree of optimism for the national economy, they said.

Mahfuzul Haque Shah, former director of the Chattogram Chamber of Commerce and Industry, told The Business Standard that the easing of the dollar crisis and LC-related issues has led to a rebound.

However, he pointed out that the strike by revenue officials has created some stagnation, warning that without a quick resolution, it could adversely affect economic momentum.

Meanwhile, the growth in imports has also driven up customs revenue. In the ten months to April, Chattogram Customs collected Tk62,818 crore, a 13.14% rise from Tk55,522 crore a year earlier.

Saidul Islam, deputy commissioner of Chattogram Custom House, said the recovery in imports has boosted revenue. "With improved LC conditions and easing of the dollar crisis, we've seen direct gains in collections."

Kazi Rayhanuzzaman, deputy commissioner of the Audit Investigation and Research unit, said their office has stepped up surveillance to reduce duty evasion. Legal action has been taken against entities involved in money laundering and irregularities.

"As a result of these actions, revenue evasion has declined and collections have improved, aided by efforts to curb smuggling and fraud," he added.