Import of used cars increased by 684 per cent

KARACHI: During the first six months of the current financial year, the import of used cars recorded a phenomenal increase of 684 per cent.

According to the data, a significant increase in the imports of economy and small vehicles in the six months of this financial year has been witnessed and 9900 vehicles included in this category were imported.

The total number of commercial, SUVs and vans was 6,600 and like other categories, a significant increase was recorded in the import of luxury vehicles.

According to the data, more than 16,500 used vehicles were imported during July 2023 to December 2023, while only 2100 vehicles were imported in the same period of fiscal year 2022.

Local tractor production surges by 77 per cent

According to chairman Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Abdul Rahman Aizaz, this extraordinary increase in the import of used vehicles is the result of the abolition of the regulation on the import of vehicles up to 1800 cc in the Federal Budget 2023-24.

He said that the aim of abolishing the regulatory duty on imported vehicles was to activate the automotive sector of Pakistan, but this move proved to be harmful to the local auto industry.

PAAPAM chairman said that as a result of the exemption of regulatory duty on imported vehicles, the import of used vehicles on a large scale has caused a serious economic impact, especially to the local parts manufacturing industry, which has suffered a loss of Rs 36 billion.