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HomeTurbinebdA CORONA-INDUCED LOSS OF 1000 CRORES

A CORONA-INDUCED LOSS OF 1000 CRORES

The period stretching from April to June saw a complete halt in the trading of automobiles in Dhaka and Chittagong respectively. Businessmen have also had to bear the burden of additional duty tax due to cars being stuck in the Mongla port. According to Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA), a total of 8,040 reconditioned cars were imported in the FY2018-19, an all-time low in the span of the last 10 years. In comparison, the previous fiscal year brought in about 12,502 imports. Altogether, the state of affairs have effectively led to a loss of Tk. 1000 crores for businessmen in the reconditioned automobile market. According to sources from Mongla customs, currently an approximate of 2,834 reconditioned imported cars are lying in the port, out of which 1,100 are in the process of being auctioned off. Incidentally, BARVIDA have expressed their support and have called for a yearlong suspension of auctioning for those vehicles lying in the port, in consideration of the financial crisis at play.

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