Recently, the Pakistan Bureau of Statistics (PBS) shared some data that showed a huge rise in the vehicle import percentage. In the first 11 months of the fiscal year (FY) 2020-2021, 83% more cars were imported to Pakistan.
The latest data released by PBS also revealed that in the first 11 months of the current fiscal year, automobiles of a total worth of $2.624billion were imported. It has risen a lot as compared to the last fiscal year, where the auto industry imports totaled $1.431 billion.
This increase in the import of automobiles is seen while the increase in local manufacturing of car units, which have been recently introduced in the Pakistani auto market.
Digging in the depth of the record, we can see that import of Completely Built Units (CBUs) stood at $336.941 million in the 11 months of current FY against $185.861 million of the last FY while import of SKD/CKD of cars boomed to 81.29% at worth $2.180 billion in the discussed period compared to $1.431 million worth auto-import of the previous year.
According to Pakistan auto industry analysts, the recent influx of new automobiles is the possible reason for such a noticeable increase in the import of vehicles. Within the last couple of years, almost 25 new vehicles, out of which most of them are SUVs, were launched in the Pakistani car market. Price tags of more than Rs 4 million were found on these newly introduced cars. Auto Policy 2016-21 played a crucial role in the launch process as it allowed a lot of new car manufacturers to explore the local Pakistani car markets. Customers will have to pay a lot to buy these imported cars but the government of Pakistan is trying its level best to amp up the purchase and sale of environment-friendly, smaller cars so that healthy competition can be seen and quality standards of locally manufactured cars can be improved. For the latest news and information click here.