Benapole land port sees increase in revenue despite import decline

Business Report :

Revenue collection at the country’s largest land port, Benapole, has risen by more than 16 percent in the first six months of the current 2024-25 fiscal year, despite a decline in imports.
According to sources at Benapole customs, while imports have slowed because of the ongoing global recession and reduced trade activity, revenue collection has remained robust. The revenue target for the land port this fiscal year has been set at Tk 6,705 crore, a Tk 757 crore increase compared to the Tk 5,948 crore target for the previous year.
Although imports have decreased by 6% compared to the previous year, the customs house has reported a significant growth of 16.03% in revenue collection for the same period. Between July and December 2024, the port collected 3,225 crore taka in revenue, which accounts for nearly half of the annual target.
Benapole Import-Export Association President Mohsin Milon said the global recession, along with rising dollar exchange rates, has caused a reduction in the number of Letters of Credit (LCs) issued by commercial banks in recent years. This, in turn, resulted in a revenue deficit at the start of the year. However, increased imports of high-tariff goods towards the end of the year have helped boost customs revenue.
In addition, a Cargo Vehicle Terminal has been established at the zero line of Benapole port on 41 acres of land to facilitate easier trade between India and Bangladesh. This development has increased the land port’s capacity and created new opportunities for future trade expansion, which is expected to contribute significantly to the growth of imports and revenue.
Importer Al Mamun said that due to the global recession and the dollar crisis, many businesses were unable to open LCs, which severely impacted imports through the port. However, the government’s decision to increase tariffs on certain goods led to a rise in customs revenue.
Benapole Customs House Commissioner Md Kamruzzaman said despite challenges such as political instability and liquidity shortages in banks, the increased value of the dollar and strategic measures taken by customs authorities have resulted in a 16.03% growth in revenue. He attributed this success to the collective efforts of all involved in the process.