Stringent conditions are imposed on the opening of letters of credit (LC) for importing goods to alleviate the dollar-crisis in the country. This led to a severe decline in the import of cosmetics like other products. Last fiscal year, only $59 million worth of cosmetics were imported using assigned HS codes; That was about $1 billion before the coronavirus outbreak and the war in Ukraine. However, due to the demand of foreign cosmetics in the market, the concerned persons claimed that the unscrupulous circles are cheating the consumers by selling domestic products as foreign ones.
According to the data of Bangladesh Bank, in fiscal year 2023-24 due to unbridled exchange rate of dollar and shortage of supply, the import of cosmetic products was only 58.84 million dollars. Prior to that, the import in the fiscal year 2022-23 was 42.72 million dollars. And in the fiscal year 2021-22 due to the stagnation in foreign trade due to Corona, the import of 75.25 million dollars. Before that, during the corona infection, the import was worth 475 million dollars in the fiscal year 2020-21. But before Corona, the import in 2019-20 fiscal year was 894 million dollars.
Janine Tasnim, a lawyer who came to Bashundhara City of the capital to buy cosmetics, said that traders are charging 2-3 times higher prices due to high customs and dollar. Unscrupulous traders are also selling domestic products as foreigners. While buying beauty care cream, one seller is complaining that the other is fake. So where will the consumer go? Who will end such anarchy?
It has been seen in various markets including Chandni Chowk, Chowkbazar, New Market of the capital, supply of foreign products is very less. Many people are selling domestic products as foreign. In front of a few gates of Newmarket, hawkers, called foreigners, are selling cosmetics. But the conscious consumer is not buying it. They run from one store to another for good products. Even if you want to pay more, you are not getting the product.
Tajul Islam, the importer of Lubana Emporium of Chandrima Super Market in the capital, said that the dollar of 85 taka has stopped at 120 taka in the banking channel. And a record of 131 rupees was created in the open market. Dollars are hard to come by even at that rate. There is a decline in the import of cosmetics.
