Bangladeshi consumers spend 70% more than int’l market: PRI

Bangladeshi consumers spend 70 percent more than international markets to buy imported and import substitute products due to high tariff protection, Policy Research Institute said today.

Average tariff rate in Bangladesh is 25.64 percent, which is much higher than other countries, Zaidi Sattar, chairman of PRI, said at a discussion in Dhaka.

The consumers in Bangladesh paid about $14.2 billion more than the international prices of imports and import substitutes in fiscal year 2017 which is 5.7 percent of GDP in the fiscal year, according to a study of PRI.

That is why Dhaka is called one of the most expensive cities, the PRI further said.

Prime Minister's Economic Affairs Adviser Mashiur Rahman and Consumers Association of Bangladesh President Ghulam Rahman, among others, were present at the event.