Take steps to clear port backlogs
The deep scars left on our economy by the ongoing curfew and five-day-long internet shutdown (along with internet disruptions that have lasted much longer) are slowly emerging to the surface. Almost all business sectors have been hit hard, including import-export. As per a report by Prothom Alo, international trading activities at Chattogram port, which handles 87 percent of the country's import-export activities, are yet to return to normal, causing continuous business losses and reducing government revenue collection.
For nearly a week, the internet blackout hampered the customs clearance process of both export and import consignments. Although internet services have been restored of late, the backlog of activities, which came to a halt between July 20 and 22, will reportedly take at least 10 to 15 days to be cleared. Currently, cargo ships are having to wait three to five days to enter the port instead of the usual one-day delay. It's increasing the cost for importers, who have to pay $10,000 to $50,000 per day for such delays. This not only increases import costs, which are ultimately transferred onto consumers, but the late arrival of imported raw materials to the factories means a delay in manufacturing as well.
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For the RMG sector, the long-term implication is failure to meet delivery deadlines and thus the risk of losing buyers to other competing countries. Previously, we warned that the government's repressive way of handling the quota reform movement and subsequent violence would tarnish Bangladesh's image as a stable investment partner. As trade activities struggle to return to normal, and businesses continue to take the hit, the fear of losing our hold on foreign markets is turning into a reality. Even retailers selling imported goods are not spared. The late arrival of a huge amount of stock all at the same time might push the price of products down. Plus, the quality of perishable goods, when released late from the port, is also bound to be compromised.
Thus, it is essential that the authorities take all steps necessary to clear port backlogs urgently. Immediate remedies may include increasing manpower not just at the Chattogram port but all other ports handling cargos, making the customs clearance process faster and easier by reducing interim steps, and increasing the capacity of customs officials. The government also must acknowledge that its ability to reduce tensions by addressing the grievances of protesters properly and to keep the economy afloat through supportive measures is being seriously questioned in the business world, too. It must rise to the occasion and take lessons from its failures for the sake of the nation's future.
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