Pakistan sees substantial drop in car and motorcycle imports

WEB DESK: In a noteworthy development, the import of completely knocked-down (CKD) and semi-knocked-down (SKD) products into Pakistan has witnessed a substantial decrease of 42.77 per cent during the first five months of the current fiscal year.

According to the data released by Pakistan Bureau of Statistics (PBS), Pakistan’s import of CKD/SKD products stood at $370.835 million from July to November (2023–24), marking a significant decline compared to the corresponding period in the previous fiscal year, where imports totaled $647.943 million.

Breaking down the figures, the import of buses, trucks, and other heavy vehicles experienced a sharp decline of 57.24 per cent, falling from $168.552 million in the same period last year to $72.065 million.

Similarly, the imports of motor cars witnessed a decrease of 38.42 per cent, dropping from $455.356 million to $280.420 million.

The import of motorcycles also showed negative growth, declining by 23.65 per cent from $24.035 million to $18.350 million.

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Analysing the data on a year-on-year basis, CKD/SKD imports in November 2023 decreased by 35.28 per cent, from $141.061 million in November 2022 to $91.297 million.

Notably, there was a substantial surge of 232 per cent in CKD/SKD imports during November 2023 when compared to October 2023, where imports amounted to $27.495 million.

According to APP, this decline in imports indicates a shifting trend in market dynamics and prompts a closer examination of the factors influencing the decrease in CKD/SKD imports during the specified period.

The data suggests a complex scenario in the import landscape, impacting various sectors, including heavy vehicles, motor cars, and motorcycles.

Stakeholders and industry experts are keenly observing these developments for potential implications on the overall economic landscape.