Ctg port container handling drops 15.4% in 8 months

Import and export container handling declined by about 15.4% in the eight months from January to August 2023 compared to the same period in the previous year, according to Chattogram port data.

Traders and port officials said foreign buyers' demand for ready-made garments has dropped due to the economic slowdown stemming from the Russia-Ukraine war, while imports to the country have dropped due to the dollar crisis. These factors in turn have reduced the volume of containers handled at the port.

Over 8.11 lakh TEUs (twenty-foot equivalent unit) of import cargo containers were handled at Chattogram port from January to August 2023, while around 9.56 lakh TEUs were handled during the same period of the previous year. 

The volume of import containers handled at the port dropped by 15.20% or around 1.45 TEUs in the first eight months of 2023 compared to the corresponding period in 2022.

Around 4.80 lakh TEUs of export containers were handled from January to August 2023 at the Chattogram port, while around 5.71 lakh TEUs were handled in the same period in 2022. 

Export container handling in Chattogram port in the eight months of 2023 was down 16% or 90,270 TEUs compared to the same time in 2022.

According to Chattogram port data, the volume of import containers handled at the port in August 2023 was 1.05 lakh TEUs, which was 9,845 TEUs less than 11.49 lakh TEUs handled in the same month of 2022.

Chattogram port handled around 65,461 TEUs of export containers in August 2023 – 10,236 TEUs less than 75,697 TEUs handled in August 2022.

Import container handling at Chattogram port decreased by 7.33% in August this year compared to July, while export container handling increased by 9.24% in August 2023 compared to the previous month.

Omar Hajjaj, president of the Chittagong Chamber of Commerce and Industry, told TBS that banks were not able to open letters of credit as per importers' demand due to the dollar crisis caused by the Russia-Ukraine war, which has adversely affected the country's import and export.

He also said, "A declining trend in investment can be observed before the national elections in different countries across the world, including Bangladesh. We expect there will be new investments in the country and the import-export situation will return to normal by 2024."

Abdullah Jahir, chief operating officer of Saif Maritime Ltd, told TBS, "Foreign buyers have reduced importing of garments from Bangladesh due to the global recession. Because of this, export container handling has dropped compared to earlier times. 

"The restrictions on the opening of LCs have now been somewhat relaxed as the dollar crisis has eased. We are looking forward to seeing something positive in import and export."

Chattogram port handles around 30-32 lakh TEUs of containers every year. 

The port's position dropped from 64th place to 67th in the recently published Lloyd's List as container handling at the port decreased in 2022 compared to 2021.