Car imports increase 167% in July-May
KARACHI: Car imports increased 167% in the first 11 months (July-May) of the current fiscal year, due to the relaxation of travel restrictions after a drop in coronavirus cases, revealed official data.
Data released by the Pakistan Bureau of Statistics (PBS) on Friday evening showed that the import of full built unit (CBU) cars rose to $ 225 million in the first 11 months of the current fiscal year, compared to $ 84 million in the same period last fiscal year.
The sharp increase in imports of CBU motor cars can be attributed to the resumption of air travel in the last fiscal year which was suspended in early 2020 due to the rapid spread of the coronavirus pandemic. In addition, a large number of Pakistani workers returned home and took cars with them.
The State Bank of Pakistan (SBP) said in a report that, in line with weakening labor market conditions in the main destinations of migrant workers, the number of Pakistani workers going abroad to work has also significantly decreased from March 2020.
In addition, data from the Office of Emigration and Overseas Employment (BEOE) indicates that approximately 125,000 Pakistani workers have returned from overseas since the start of the pandemic (through mid -November 2020). “
In Pakistan, commercial importation of CBU motor cars is not allowed. However, Pakistani citizens and workers living abroad can bring cars into the country under three different regimes. These regimes included personal luggage, gifts; and the transfer of residence regime. As part of these programs, the government has granted customs and tax concessions to overseas Pakistanis.