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Of all the money spent behind the 4,500 types of goods imported through the Chattogram port in the first five months of fiscal year 2022-23, more than 51 per cent or Tk 104,600 crore was spent for only 20 products.
The 20 include old ships and scrap, diesel, furnace oil, crude fuel oil, palm oil, crude soybean oil, soybean seed, wheat, lentil, cotton, fertiliser and cement clinker.
The products generated Tk 7,794 crore in revenue for the government.
Their import has increased by 52 per cent year-on-year.
Traders said costs had increased due to a rise in the exchange rate of the taka with the US dollar and a rise in international market prices.
According to Custom House Chattogram, about 37.28 million tonnes of goods worth Tk 205,300 crore were imported in the July-November period.
The 20 products were of 21.36 million tonnes.
“Majority of import expenditure is spent on import of fuel oil and raw materials for export oriented and domestic industries,” Mahbubul Alam, president of the Chattogram Chamber of Commerce and Industry, told The Daily Star.
“It has positive aspects for the country’s economy. This year import costs are higher than usual due to the increase in the dollar rate,” he said.
The import data shows that the highest amount of money, or 11 per cent, was spent behind importing cotton, one of the garment industry’s raw materials availing duty-free entry.
The spending had gone up 78 per cent year-on year with about 7.7 million tonnes being imported in the five months.
“The price of cotton in the international market started to rise since the beginning of Covid-19,” Syed Nazrul Islam, first vice president of the Bangladesh Garment Manufacturers and Exporters Association, told The Daily Star.
“The price has come down a bit in the last couple of months but it is still not at a bearable level. As a result, the import cost has increased,” he said.
The second highest amount was spent behind fuels such as diesel, furnace oil and crude oil.
About 4.7 million tonnes worth Tk 20,347 crore were imported.
In the same period last fiscal year, some 4.1 million tonnes worth Tk 158,67 crore were imported.
Old ships and scrap products of about 2.4 million tonnes worth Tk 11,830 crore were imported in the last five months whereas 3.1 million tonnes worth Tk 12,496 crore were bought in the same period last year.
Some 1.73 million tonnes of palm and soybean oil and soybean seeds worth Tk 17,364 crore were imported in the five months this fiscal year.
Just 0.32 million tonnes worth Tk 10,278 crore were imported in the same period of the previous year.
Besides, Tk 9,653 crore was spent for importing 10.11 lakh tonnes of fertiliser, Tk 4,006 crore for 65.5 lakh tonnes of cement clinker, Tk 3,740 crore for 8.75 lakh tonnes of wheat, Tk 2,655 crore for 3.7 lakh tonnes of hot rolled steel, Tk 2,021 crore for 4.4 lakh tonnes of seeds and Tk 1,973 crore for 2.2 lakh tonnes of lentil.
(TDS)
