Akhaura land port revenue falls sharply thanks to zero import

Revenue earnings from Akhaura land port dropped drastically in the 2022-23 fiscal year as there is a standstill in trading activities through the port due to the US dollar becoming stronger against the taka and rupee.

Besides, import trade has come down to nearly zero as traders stopped import activities owing to fewer opportunities to import their preferred products.

Total export value through the port stood at Tk321.20 crore till April in the 2022-23 fiscal year, which is Tk354.92 crore less than the previous fiscal 2021-22. The total export value was at Tk680.12 crore in the last fiscal year.

On the other hand, Tk66 crore worth of products were imported from India through Akhaura land port, generating revenue of Tk55.44 lakh. In fiscal 2021-22, Tk288.33 crore worth of products were imported, from which the customs collected Tk7.66 crore in revenue.

Insiders say export of goods to India has logged a decline of 50% compared to previous fiscal years due to the US dollar becoming stronger against the Bangladesh and Indian currencies, leading to a drastic fall in revenue earning.

Traders at the land port said they were not able to import wheat for a year since May last year, due to the ban imposed by the Indian government. In November last year, 770 tonnes of stone were imported through the port while 38 tonnes of crushed stone were imported through the port in the first week of March. Then there was no import through the port.

However, the 2022 fiscal year saw a boost in import-export trade activities after overcoming the negative impact of the Covid-19 pandemic. However, the rising dollar against the taka and rupee is once again creating a crisis in the export trade.

Indian businessmen have deducted the import of goods from Bangladesh, citing the rise of import costs due to the depreciation of the rupee against the US dollar.

Earlier, products worth $2.5-3 lakh dollars were exported on a daily basis. The figures have come down to $1.5 lakh dollars in the ongoing fiscal. On the other hand, certain products can be imported from India.

Shafiqul Islam, general secretary of Akhaura Land Port Import-Export Association, said, "Most of the goods that are allowed to be imported have to be brought from states outside Tripura, leading to import costs rising. Therefore, we handed over a list of products to the NBR Chairman during his recent visit to the port, seeking permission to import those from India."

"If the National Board of Revenue allows these imports, then businessmen will benefit and revenue collection will also increase. The deadlock which was created at the port due to zero import will also be reduced," he added.

Md Atiqul Islam, assistant director of Akhaura Land Port, said, "Revenue collection dropped significantly compared to the previous years. If the import of those specific products is allowed, we expect the volume of imports to increase again. If import increases, revenue collection will also increase."