Container handling drops 15.4% in CTG Port

Container handling declined by about 15.4% in the this year eight months from January to August 2023 compared to the same period in the previous year, according to Chattogram port Import and export data.

In the weight figure it is dropped from 9.56 lakh TEUs to 8.11 lakh TEUs.

Foreign buyers’ demand for ready-made garments has dropped due to the economic slowdown stemming from the Russia-Ukraine war, while imports to the country have dropped due to the dollar crisis. These factors in turn have reduced the volume of containers handled at the port.

Omar Hajjaj, president of the Chittagong Chamber of Commerce and Industry, told BD Shipping News that banks were not able to open letters of credit as per importers’ demand due to the dollar crisis caused by the Russia-Ukraine war, which has adversely affected the country’s import and export.

He also said, “A declining trend in investment can be observed before the national elections in different countries across the world, including Bangladesh. We expect there will be new investments in the country and the import-export situation will return to normal by 2024.”

Abdullah Jahir, chief operating officer of Saif Maritime Ltd, told BD Shipping News “Foreign buyers have reduced importing of garments from Bangladesh due to the global recession. Because of this, export container handling has dropped compared to earlier times.

“The restrictions on the opening of LCs have now been somewhat relaxed as the dollar crisis has eased. We are looking forward to seeing something positive in import and export.”

Chattogram port handles around 30-32 lakh TEUs of containers every year.

The port’s position dropped from 64th place to 67th in the recently published Lloyd’s List as container handling at the port decreased in 2022 compared to 2021.