Car imports on rise
Jasim Uddin Haroon | Monday, 21 July 2008
The import of motor vehicles rose in July after a record import of 4083 cars in June mainly due to growing demand for medium sized vehicles in the country, car importers told the FE.
"There is an increase in the demand for medium sized cars that are within the affordable limits of people mostly belonging to the middle class. This is one of the main reasons behind such a rise in the import of cars," the general secretary of Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) told the FE Saturday.
He also said bank loan facilities and cost-effectiveness when converted to CNG combinedly pushed up the local demand that saw the substantial import of cars recently.
"Bank is providing car loans to the middle class and those who can afford to repay. I think this is also contributing to the rise in the car imports," BARVIDA general secretary said.
Sources said a total 2610 motor cars will arrive in the country in current month and the first shipment carrying 1110 vehicles will arrive at Chittagong port tomorrow (Monday), shipping sources said.
The import figure is around 81 per cent higher than that of July last year when a total of 1443 cars were imported, port sources said.
"One of our car carriers had sailed off Japan port a few days back. The carrier carrying 1110 cars will berth at Chittagong port Monday," said Mohammed Mamun, an operation official of Everest, a carrier, told the FE.
Next two NYK car carriers will arrive sometime in end-July carrying around 1500 cars, the sources added.
There are only two shipping companies - Everest and NYK -- whose ro-ro car carriers ply between Japan and Bangladesh.
NYK sources said two car carriers will arrive in Chittagong carrying around 1500 cars by July.
Car traders imported 2203 vehicles in May this year against 1750 over the same period in 2007, 4083 in June in 2008 against 1311 over the same period in 2007.
As of Saturday, a total of 2282 cars were lying at port yards against a capacity for 2500, port sources said.
Besides, customs will auction and take other legal steps against some 647 cars which have been stored for more than 45 days.
Deputy traffic manager Motaher Hossain said that there will be severe space crisis in the port area after arrival of new consignments in this month.
The demand for reconditioned cars in Bangladesh is around 10,000 a year.
"There is an increase in the demand for medium sized cars that are within the affordable limits of people mostly belonging to the middle class. This is one of the main reasons behind such a rise in the import of cars," the general secretary of Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) told the FE Saturday.
He also said bank loan facilities and cost-effectiveness when converted to CNG combinedly pushed up the local demand that saw the substantial import of cars recently.
"Bank is providing car loans to the middle class and those who can afford to repay. I think this is also contributing to the rise in the car imports," BARVIDA general secretary said.
Sources said a total 2610 motor cars will arrive in the country in current month and the first shipment carrying 1110 vehicles will arrive at Chittagong port tomorrow (Monday), shipping sources said.
The import figure is around 81 per cent higher than that of July last year when a total of 1443 cars were imported, port sources said.
"One of our car carriers had sailed off Japan port a few days back. The carrier carrying 1110 cars will berth at Chittagong port Monday," said Mohammed Mamun, an operation official of Everest, a carrier, told the FE.
Next two NYK car carriers will arrive sometime in end-July carrying around 1500 cars, the sources added.
There are only two shipping companies - Everest and NYK -- whose ro-ro car carriers ply between Japan and Bangladesh.
NYK sources said two car carriers will arrive in Chittagong carrying around 1500 cars by July.
Car traders imported 2203 vehicles in May this year against 1750 over the same period in 2007, 4083 in June in 2008 against 1311 over the same period in 2007.
As of Saturday, a total of 2282 cars were lying at port yards against a capacity for 2500, port sources said.
Besides, customs will auction and take other legal steps against some 647 cars which have been stored for more than 45 days.
Deputy traffic manager Motaher Hossain said that there will be severe space crisis in the port area after arrival of new consignments in this month.
The demand for reconditioned cars in Bangladesh is around 10,000 a year.