Import of different products from China in terms of quantity and value declined by 21 per cent and 8.30 per cent respectively in the period between January 1 to February 15 of the current fiscal year 2019-2020 compared with that in the same period of last fiscal year (FY 2018-2019) due to impact of the coronavirus outbreak in the country.
Import of almost all of the 30 top products, including clothing accessories, machinery, parts, fabric, yarn and diammonium phosphate, from the country also saw a drastic fall by more than 50 per cent in the first seven months of the current fiscal year compared with that in the same period of FY19, according to the National Board of Revenue data.
According to the customs data, import of products from China declined by 2,49,311 tonnes to 9,44,827 tonnes in January 1- February 15 this year from that of 11,94,138 tonnes in the same period of the last year.
The value of imported goods also dropped by Tk 1,578 crore to Tk 17,441 crore in the period of this year from Tk 19,019 crore in the same period of last year.
According to the customs data, the value of top 30 imported goods stood at Tk 18,267 crore in July-January of FY20 while the figure was Tk 48,791 crore in the same period of FY19.
Bangladesh imported 35,88,639 tonnes of products worth Tk 48,277 crore from China in the seven months of FY20 and earned Tk 9,097 crore in customs revenue.
From China, the country’s import was 66,41,283 tonnes of products worth Tk 85,901 crore in FY19. Revenue collection from the sector was Tk 14,148 crore in FY19.
Bangladesh’s total import was 1.05 crore tonnes of products worth Tk 3.95 lakh crore in FY19.
Bangladesh imports around 30 per cent of its total import from China. A significant portion of the imported goods from the country is raw materials, machinery and parts which are either duty free or having low rate of duty.
Customs officials said that they prepared the data following a commerce ministry request for conducting impact analysis of the epidemic on trade and industry, particularly on export-oriented readymade garment sector, supply of raw materials for the sector and consumer goods to the domestic market.
The revenue board is also analysing the possible impact of the disruption of supply chain on overall customs revenue collection by the end of the fiscal year, they said.
The issue will also be discussed at a meeting to be held with the finance ministry in the next week, they said.
Officials said that the revenue collection at the import stage might also drop proportionately to the decline in import from the country.
The NBR may get 7 per cent to 8 per cent of its targeted customs duty and other import-related taxes if the slowdown of import continues getting worse due to the virus outbreak, they said.
According to the customs data, import of clothing accessories declined by 61 per cent in July-January of FY20 compared with that in the same period of FY19, the data showed.
Import of denim dropped by 48 per cent, coloured plain cotton woven fabrics by 61 per cent, synthetic fabric by 57 per cent, diammonium phosphate by 50 per cent, dyed woven cotton fabrics by 60 per cent, textured yarn of polyester by 50 per cent, parts by 19 per cent, flat knitting machine and stitch-bonding machine by 76 per cent and sewing thread of synthetic filaments by 58 per cent.
Automatic sewing machine import also declined by 68 per cent and other static converters dropped by 42 per cent in the period.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Trade & Commerce