Exporters and ICD businesses have attributed the shrink in container handling to a global trade slowdown, a dollar crisis, and reduced orders of ready-made garments.
The Bangladesh economy, facing persistent pressure for over three years due to the Covid-19 pandemic and the Russia-Ukraine war, has encountered a new wave of challenges. The combination of these global events led to a dramatic rise in commodity prices and a 35% devaluation of the taka.
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It used to be "anxiety time" for businesses and shippers at Chattogram port who had shipments coming in or going out. In April 2021, over 25,000 imported containers were stuck at transshipment ports in Sri Lanka, Singapore, and Malaysia, holding up or slowing down industries due to raw material shortages. Exporters were helpless with growing fears of missing shipment
The increased charges, together with shipment delays for everything from raw materials to emergency medical supplies to holiday gifts, have already raised production costs for most goods Soaring freight rates on major sea routes, particularly the Bangladesh-China route, come as a severe blow to local businesses, which have been struggling for around two years to .