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Car import decreased by three-quarters

Industry: Automobile, Automotive, Car Trading & Showroom

The scarcity of dollars has led to a decrease in opportunities for importing cars, resulting in only 2,800 reconditioned vehicles being imported into Bangladesh in the past six months, according to the Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida). This figure is significantly lower than the usual import volume during normal times. Barvida stated that under normal circumstances, around 2,000 cars are imported each month, indicating that 10,000 to 12,000 cars should have been imported over the last six months.

However, only a quarter of that number has been imported, with Barvida alleging that many bank owners continue to import new cars despite the dollar crisis. Barvida expressed their disappointment at the budget for the financial year 2023-24, stating that it did not adequately address their demands. They also proposed a restructuring of duty taxes on different vehicle categories. Barvida President Habib Ullah mentioned the challenges faced by the industry due to the dollar crisis and the need for reconditioned car importers to navigate these difficult times while new car dealers continue to import new vehicles. Barvida called for reforms in duty taxes and CC slabs for hybrid and fossil fuel-powered vehicles, as well as the removal of the supplementary duty on electric vehicles. They also requested clarity on the government’s plan regarding environmental surcharges for second cars and the withdrawal of supplementary duty on microbuses.

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