Plastic raw materials importers facing problems at Ctg port

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FE Report
Plastic raw materials importers have been facing problems to clear around 250 consignments from the Chittagong port due to controversy over the value of goods at which the customs duty would be calculated.
The prices of plastic raw materials are usually related to fuel oil price in the international market. Recently, plastic raw material prices dropped significantly as fuel oil prices slid down in the international market .
The prices of plastic raw materials now stands at US$ 700 to $800 per tonne which was around $ 2000 in June last.
Jasim Uddin, president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) said: "The Chittagong customs house is assessing the imported materials on the previous value while the importers have relevant documents to substantiate that the goods were imported at less than half the previous price."
The prices of plastic raw materials might fall further in line with the global financial meltdown, he said adding that the traders are now importing plastic raw materials at existing reduced prices.
The Chittagong customs house has blocked the consignments by assessing those consignments at higher rate, he said.
Loggerheads between Chittagong customs house and plastic raw materials importers might affect the industry that is already affected by the global financial meltdown.
Local market size of the plastic industry is about Tk 8.0 billion. There are around 3000 plastic goods manufacturing industries in the country.