Luxury Car Imports Soar by 165%

Industry: Automobile, Automotive
Economic Tag: Import

In 2023, luxury car imports to Bangladesh tripled, reaching 610 high-end cars, a 165% increase from the previous year. Despite a foreign exchange crisis and strict curbs on non-essential imports due to dwindling reserves (down to $27 billion from $48 billion in August 2021), affluent individuals capitalized on income manipulation in the backdrop of global and local crises.

Notably, 109 luxury cars were imported duty-free, predominantly enjoyed by lawmakers and diplomats. The customs data revealed that Members of Parliament (MPs) and diplomats imported over 20% of these vehicles. However, the overall car import scenario saw a decline, contracting by 6730 units in 2023 compared to the previous year. Critics highlight the alarming income inequality reflected in such luxury-car imports amid economic challenges.

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