The handling of imported cargo containers at Bangladesh’s primary port for maritime trade, Chittagong Port, increased significantly in October 2024, while the handling of export containers decreased significantly during the same time.
Twenty-foot equivalent units (TEUs) of imported cargo containers were handled at a rate of 120,225, up 1,823 or 2.34 percent from September, according to port officials. On the other side, the export industry saw a dramatic downturn, with the handling of export containers falling by 13 per cent from 75,603 TEUs in September to 66,932 TEUs in October.
The apparel sector has been negatively damaged by continual political changes, violence, and an uncertain environment, which traders blame for the decline in exports. The Christmas season, which is often a peak time for shipments to Europe and America, was predicted to see an increase in exports, but this has not happened.
Reduced operations at private depots, where containers are loaded before being shipped abroad, are another indication of the drop in export business. Many export shipments that were delayed in July because of anti-discrimination rallies and associated violence were eventually shipped in September, but shipments have continued to fall in October, according to Ruhul Amin Sikder, secretary general of the Bangladesh Inland Container Depot Association.
Sikder underlined that imports play a major role in Bangladesh’s export performance, especially in the ready-made clothing industry where raw materials must be imported. However, importers are in a challenging position, negatively impacting export volumes and container handling, as a result of the ongoing currency crisis, challenges associated with processing letters of credit (LC), and a faltering banking industry.
Stakeholders anticipate a turnaround in the upcoming months as global demand improves as the port works through these difficulties.
