Chattogram Custom House, the largest customs station in the country, witnessed a decline in revenue growth in the first seven months of the current fiscal year 2022-23, due to fall in imports amid the ongoing dollar crisis and global slowdown due to the Russia-Ukraine war.
The customs station reported negative growth in December and January following zero growth in the sixth and seventh months.
According to data from the customs house, the revenue growth was 40.87% in July of FY 2022-23, which declined to 24.67% in August and -0.17% in September. Afterwards, the growth increased to 3.91% in October and 14.13% in November.
The growth in revenue collection again dropped in the next two months. The growth was -9.18% in December and -4.38% in January.
The customs station posted 8.28% overall growth in the July-January period of the FY 2022-23, which was 25.26% during the same period of the FY 2021-22—a decrease by 17% in the seven months.
In January of FY 2022-23, the customs house collected Tk4,744.61 crore as revenue, less by 28.67% than the target of Tk6,652 crore. In December, the revenue collection was Tk4,388.05 crore against the target of Tk6,604 crore.
The target of revenue collection was set at Tk74,206 crore in the fiscal year 2022-23. Tk34,915.74 crore was collected during the July-January period against the target of Tk43,212 crore in the seven months. The earnings were recorded at Tk32,246.53 crore during the same period in FY 2021-22.
In the first seven months of the FY 2022-23, revenue collection was less by Tk8,296.26 crore or 19.20% than the target.
In the FY 2021-22, the Chattogram Customs House collected Tk59,159.83 crore against the target of Tk64,159.83 crore, posting a growth of 14.70%.
“The revenue collection in the current fiscal year has decreased compared to the previous year. Imports of low-duty products, especially food items and capital machinery have increased. But revenue collection has decreased due to decrease in imports of luxury goods including cars, cosmetics, electronics, which are high revenue collection,” Md Bodruzzaman Munshi, deputy commissioner of Chattogram Customs House, told The Business Standard.
“Earlier, the price of the dollar was Tk84, which has now crossed Tk100. As a result, the traders have to pay extra in both the price of the imported goods and the duty. On the other hand, customs revenue has also decreased. I do not see any solution to this crisis until the war situation becomes normal,” Chattogram Chamber of Commerce and Industry President Mahbubul Alam told TBS.
Chattogram Customs House collects duty on goods imported through Chattogram Port, which oversees 92% of the country’s import and export trade.
Apart from the country’s main seaport, the customs house also collects duty on goods coming through Shah Amanat International Airport in the port city.
Source: TBS News