Coronavirus threatens business in Port City

A Correspondent :

Chattogram, the commercial hub of the country ‘s trade and economy may suffer badly due to the ongoing Coronavirus contagion in China, as the former is highly dependent on the world’s second largest economy for its industrial raw materials and finished goods.
Nearly 28 per cent of the country’s import comes from China, followed by India, nearly 14 per cent. China supplies mostly fabrics and garment accessories to local clothing manufacturers, on which Bangladesh’s major export sector is highly dependent, sector insiders told .More than 40 per cent of its textile and textile-related goods come from China.
Nearly 30 per cent machinery comes from there, according to the Bangladesh Bank statistics. The country’s import from China also includes agricultural machinery, mobile phone sets, electrical and electronics goods, fruits, and essential spices etc.
Currently, China is observing New Year, the country’s biggest festival, and almost all its factories are closed.
 So, the actual impact of Coronavirus outbreak that began in Wuhan last month will be felt after the end of New Year vacation, as affected people need at least two weeks to be confirmed. In the meantime, the Chattogram Port Authority (CPA) has taken an initiative for screening goods at the port to stop spreading the Cornovirus outbreak through goods and traffic from China Meanwhile, in response to the situation, international airlines are suspending or curtailing their flights to and from China, following a sharp fall in number of passengers.
Import at the Chattogram Port has decreased by 17 percent in a month in the wake of the coronavirus pandemic, with readymade garment raw material recording the highest fall, according to data of the Customs House, Chattogram. In January this year, over 1.06 crore tonnes of products were imported through the port. The number decreased to 88.18 lakh tonnes in February. Export also shrunk within this period at the Chattogram port.
In Bangladesh, coronavirus has infected three people, including two men and a woman.
Mahbubul Alam, president of the Chattogram Chamber of Commerce and Industry, said imports had fallen not only from China but also other countries that had seen the coronavirus outbreak. AM Chowdhury Selim, vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said import of apparel raw material had fallen sharply in the last two months.  
Many factories are on the verge of closure due to the shortage of raw material, he said. Md Shahadat Hossain is the manager of Taj Scientific, a leading medical equipment importer of Chattogram . He said import of a variety of equipment and products, including wheelchairs, nebulisers and surgical masks, from China was closed. “We could not open letters of credit as shipment is totally suspended. The Chinese exporters are not taking any orders,” added Shahadat.  
Abul Bashar Chowdhury, chairman of BSM Group, said import of garlic and ginger was closed due to the coronavirus outbreak. We usually import these from China ahead of Ramadan, he said.”Also, we are unable to open letters of credit for importing electrical equipment. This has caused imports to decline,” added Bashar.