Dhaka, Sep 21 (UNI): Exports and imports on Saturday dropped at the Benapole land port in Jashore following the changed political situation, affecting the India-Bangladesh trade.
The import of products fell by 200,000 metric tonnes over the past one and a half months, compared to the corresponding period of the last month, port sources said. Export also decreased by 10,000 metric tonnes and vehicle chassis by 130 during this period.
Importers said a changed political situation and a dollar crisis in banks are affecting imports and exports. Since opening a letter of credit (LC) requires full payment in advance for certain products, traders decreased the import of goods.
Sources at the Benapole land port said 205,000 metric tonnes of goods and 781 vehicle chassis were imported and 65,527 metric tonnes of goods were exported between 5 August and 19 September, while 395,000 metric tonnes of goods and 911 vehicle chassis were imported and 9,122 metric tonnes of goods were exported in the corresponding period of the previous year.
Mahindra & Mahindra Limited imports vehicle chassis from India. Mahindra & Mahindra sales manager (Bangladesh regional office) Sakib Ul Islam told Prothom Alo dollar is unavailable at banks as per the demand to open LCs to import goods. That is why they could not open adequate LCs.
Previously, bank assistance on import payment for six months was available during the opening of LC, but LC opening requires import payment in full. As a result, the opening of LC for import dropped, he added.
