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Teknaf border trade corridor earns Taka 85 million in January

Teknaf, Bangladesh: The border trade corridor situated on the banks of the Naf River at Teknaf, which is known as a land port, earned over 85 million Taka ($1,010,100.99 USD) in January, the 7th month of the 2011-12 fiscal year, including tax receipts and customs fees, through the increase of two-way trade between Bangladesh and Burma, according to a customs officer from Teknaf.

He said Customs from Teknaf land port issued 198 credit letter guarantees from banks (called L/C) in January for goods passing between Bangladesh and Burma, generating revenue of 85,045,000 Taka.

Bangladeshi businessmen submitted 62 L/Cs during January at the land port, for 11, 620,000 Taka.

This was an unexpected turn of events for the National Board of Revenue (NBR) of Bangladesh, another custom officer said.

Burma exports fresh and dried fish, many kinds of timber, pickles, dried chili, areca nuts, turmeric, batteries, bamboo, tobacco leaf, canes, Masala (spices), sandals, umbrellas, cotton, livestock, leather and more to Bangladesh, according to one worker from the Teknaf land port.

Bangladesh exports cement, cosmetics, aluminum pots, flour, medicines, human hair, ready-made garments, tortoise shells and vests to Burma.

The Teknaf land port is likely to continue to boost the country's economy through two-way trade between Bangladesh and Burma. Bangladesh has been trying to reap economic benefits by improving trade relations with Burma. The land port will help earn significant revenues for the government and reduce cross border smuggling.