Bangladesh Imported Goods from Abroad

Introduction

•        A good or service brought into one country from another.

•        The word "import" is derived from the word "port," since goods are often shipped via boat to foreign countries.

•        Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply.

Why Import?

•         To serve markets where the firm has no or limited production facilities.

•         Goods that act as a tool for producing another kind of commodity.

•         To remain price-competitive in the home market.

•         To improve the efficiency of manufacturing equipment.

•         To achieve additional sales.

Non Importable Goods

•        Maps, charts and geographical globes which do not indicate the territory of Bangladesh.

•        Books, newspapers, periodicals, documents and other papers containing matters likely to outrange the religious feelings.

•        Goods of secondary or sub-standard quality or below –standard or old, used, reconditioned goods or factory rejects and goods of job-lot/stock-lot.

•           Reconditioned office equipment, photocopier, type-writer machine etc.

•        Import of live Swine and any item prepared from swine.

DOCUMENTATION

Legal Documents

•        Trade License (Authority: City Corporation).

•        TIN (Tax Identification Certificate) Certificate (Authority: National Board of Revenue).

•        VAT (Value Added Tax) Certificate (National Board of Revenue).

•        IRC (Import Registration Certificate) (Authority: Chief Commissioner Import & Export).

•        Bank Account (Local Scheduled Bank) (Any Schedule under central Bank).

•        Specific License (i.e. Govt. Import, you should have Enlistment, Bond Certificate for Specialized Zone).

 Sources of Finance

  

•        Cash foreign exchange (balance of the foreign exchange reserve of Bangladesh Bank).

•        Foreign currency accounts maintained by Bangladeshi Expatriates working/living abroad.

•        External economic aid (Commodity Aid, Loan, Grant).

•        Commodity exchange: Barter and Special Trading Arrangement (STA).

 Sources of Finance (Cont.)

  

•        Commercial importers and industrial consumers may utilize their respective shares under Barter/STA as per basis notified.

•        Import under the Special Trading Arrangements (STA) concluded with prior approval/permission of the government, shall be subject to the specific procedures laid down by the government in this respect.

  

Import Process 

Import License

Import against LCA Form

Import through L/C

Import against LCA Form but without opening of Letter of Credit (L/C)

Import against Import Permits and in special cases against Clearance Permit (for clearance of goods on payment of fine)

 Import Process (Cont.)

  

•         Import on Deferred Payment Basis or Against Supplier’s Credit.

•         Import against direct payment abroad.

•         Time limit for opening of L/C.

•         Validity of shipment for goods.

Transportation Documents

•        There are different modes of transport through which goods can be Imported.

•        Therefore every mode of transport will have a different document.

Air Freight

•         Air bill/Air consignment notes

 Rail/Road

•         Railway receipt/Consignment note

 Types of Transportation Documents

A bill of lading

Air Waybill (AWB

Railway receipt

Waybill

Fees Regarding Imports

Category	Value Ceiling of	Initial Registration	Annual renewal
	annual import	fees	fees
First	Tk. 5,00,000	Tk. 5,000	Tk. 3,000
Second	Tk. 25,00,000	Tk. 10,000	Tk. 6,000
Third	Tk. 50,00,000	Tk. 18,000	Tk. 10,000
Fourth	Tk. 1,00,00,000	Tk. 30,000	Tk. 15,000
Fifth	Tk. 5,00,00,000	Tk. 45,000	Tk. 22,000
Sixth	Above Tk.	Tk. 60,000	Tk. 30,000
	5,00,00,000

 Major Import Commodities of Bangladesh

Machinery and equipment

Chemicals

Iron and steel

Textiles

Foodstuffs

Petroleum products

Cement

Partners

China: 15.8%

India: 15.7%

Kuwait: 8.1%

Singapore: 7.6%

Japan: 4.4%