Car imports through Chattogram port decreased by 22% in 2023 compared to the previous year, and over the last five years, the decline has been 60%. Importers attribute this to issues related to opening letters of credit, stemming from the dollar crisis and the Russia-Ukraine war. The preference for Mongla port for car imports has intensified, with around 60% of the country’s cars now imported through Mongla.
In 2023, 24,150 cars were imported through Chattogram port, down from 30,880 in 2022 and 61,467 in 2019. The dollar crisis has made it challenging to open LCs, causing many small-scale importers to exit the car business. Importers support the government’s decision to limit luxury goods imports but face challenges meeting existing car demand. Around 75% of cars imported into Bangladesh are reconditioned or old, with the remaining 25% being brand new. The reconditioned car import sector has an investment of around Tk20,000 crore and contributes an annual customs revenue of about Tk5,000 crore.
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