Imported bicycles, spectacles to see higher price

The prices of imported bicycles and spectacles will go up as the government has increased import duties on their parts in the budget for fiscal year 2023-24 to boost local industries.  

According to the proposed budget for FY24, Bangladesh Trade and Tariff Commission (BTTC) has recommended increasing duties to 15 per cent from the existing 10 per cent on the import of freewheels and sprockets.  

The move will encourage local backward linkage entrepreneurs in the bicycle industry, it said.

Industry insiders said the annual demand for various sizes of freewheels is around 40 lakh units, and sprockets nearly 50 lakh units, in the country. These are mostly imported from different countries.

Besides, the government has increased the import duty to 25 per cent from the existing 5 per cent on spectacles or goggles parts in the budget. This will help increase revenue, the proposed budget said.

The new prices will come into effect this afternoon after the budget is announced.