Pak imported $1.2 bn value of vehicles in simply six months regardless of financial disaster: report

Pakistan spent USD 1.2 billion (Rs 259 billion) on the import of transportation gadgets, together with luxurious vehicles, high-end electrical automobiles, and their components, over the last six months amidst sinking reserves and worry of default, based on a media report.

The nation is in the midst of a monetary crunch with the international change reserves depleting to as little as USD 4 billion, forcing the central financial institution to decelerate the import of even important gadgets.

The Information reported that regardless of the general discount in imports of transportation automobiles and different gadgets in contrast with final yr, the financial system was nonetheless burdened with heavy outflows for getting costly luxurious automobiles and ineffective gadgets.

Throughout these six months, the nation imported utterly constructed models (CBU), utterly knocked down/semi knocked down (CKD/SKD) of USD 530.5 million equal to Rs 118.2 billion.

Since CKD kits usually are not allowed to be imported, but hundreds of thousands of {dollars} of those kits are being imported, harming the native trade and their manufacturing.

The financial system is struggling, however hefty spending on vehicles and different automobile imports is elevating a whole lot of questions in regards to the authorities’s coverage of halting imports associated to the economic and industrial sectors.

Below the utterly constructed models (CBU) throughout July-Dec 2022-23 imports of buses, vans and different heavy automobiles imports have been USD 75 million (Rs16.6bn), motor vehicles with USD 32.6 million.

Below the CKD/SKD, imports of buses, vans, and different heavy automobiles imports have been USD 722.5 million (Rs161 billion), whereas motor automobile imports have been recorded at USD 498 million (Rs111 billion). Bike imports additionally stood at USD 27.6 million.

Moreover, the components and equipment imports stood at USD 188.6 million (Rs42 billion). Equally, USD 47.7 million have been spent on the import of plane, ships, and boats.

Solely in December, the transport sector’s imports stood at USD 140.7 million (Rs31.6 billion). Of this, USD 47.5 million or 11.3 billion rupees have been spent on the imports of vehicles, USD 27 million on components and equipment, USD 3.6 million on bikes import, USD 25 million on buses, vans, and heavy automobiles, and one other USD 22.4 million on the import of plane, ships, and boats.

Reportedly, regardless of financial crises, the incumbent authorities has lifted a ban on the import of luxurious vehicles lately, which turned one of many main sources of greenback outflow, based on the paper.

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