Passenger car sales in Bangladesh hit a 10-year low in 2023, with a 35% decline compared to the previous year. The Bangladesh Road Transport Authority reported 10,784 registered private passenger cars in 2023, down from 16,695 in 2022. The drop is attributed to the appreciation of the US dollar against the local currency, resulting in a 26% increase in the past 18 months. Import duty also rose in line with the higher US dollar price, leading to at least a 10% increase in car prices. Economic instability, political unrest, and high inflation further contributed to the decline in sales, impacting both importers and consumers. Car imports dropped by approximately 65%, reflecting the challenges in opening letters of credit due to the high cost of the US dollar.
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