Car imports surge 167% during July-May

Shahnawaz AkhterWeb Editor

19th Jun, 2021. 03:56 pm
Car Import

KARACHI: The import of motor cars has surged 167 per cent during the first 11 months (July-May) of the current fiscal year, owing to ease in travel restrictions after a drop in the coronavirus cases, official data revealed.

The data released by the Pakistan Bureau of Statistics (PBS) on Friday evening showed the import of complete built unit (CBU) cars increased to $225 million during the first 11 months of the current fiscal year, compared with $84 million in the same period of the last fiscal year.

The surge in import of CBU motor cars can be attributed to resumption of air travel during the last fiscal year that was suspended in early 2020 due to the fast spread of the coronavirus pandemic. Besides, a large number of Pakistani workers returned home and brought motor cars with them.

The State Bank of Pakistan (SBP) in a report said in line with the weakening labour market conditions in the major destinations for migrant workers, the number of Pakistani workers going abroad for work also fell drastically from March 2020 onwards.

“Furthermore, the data from the Bureau of Emigration and Overseas Employment (BEOE) indicates that roughly 125,000 Pakistani workers have returned from abroad since the pandemic began (till mid-November 2020).”

In Pakistan, commercial import of CBU motor cars is not allowed. However, Pakistani citizens and workers living abroad can bring motor cars in the country under three different schemes. These schemes included personal baggage, gift scheme; and transfer of residence scheme. Under these schemes, the government has granted duty and tax concessions to the overseas Pakistanis.

Adsense 300 x 250