Cars imports surge 153% in July
KARACHI: The imports of used and old cars registered a massive growth of 153 per cent in July 2021 over the same month of the last year.
According to the data released by the Pakistan Bureau of Statistics (PBS) on Friday, the imports of old and used cars increased to $33.03 million in July 2021, compared with $13.07 million in the same month of the last year.
Market sources attributed the surge in car imports to ease in the coronavirus restrictions globally. The import of motor vehicles was adversely affected during the last year due to strict lockdown imposed to prevent the spread of the pandemic.
The Federal Budget 2021/22 was another reason for the higher imports in July. The sources said importers delayed Customs clearance of cars in the hope of a cut in duty and taxes in the budget.
The government announced reduction in the federal excise duty on both locally-assembled and imported cars in the budget.
In Pakistan, commercial imports of CBU motor cars are 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.
The car imports are also 7 per cent higher in July, compared with $30.85 million in June 2021.
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