Pakistan’s car imports down by 7% in five months

ISLAMABAD: Pakistan has recorded a decline of 7 per cent in the import of cars in the first five months of the fiscal year 2023-24.

According to data released by the Pakistan Bureau of Statistics (PBS), Pakistan spent $554.87 million on the import of car since July 2023, compared to $593.98 million spent in the same period last year, which is accumulatively seven per cent decline of the total vehicle import.

According to the PBS, Pakistan imported cars worth $106.39 million in November and $83.18 million in October 2022. Pakistan spent a total of $1.073 billion on car imports in the fiscal year 2022-23.

Meanwhile, MG Pakistan announced two new car models, MG HS Excite and 2.0 AWD, in July 2023. During the launch in Karachi, the company mentioned the new models were economical according to needs of the most Pakistani consumers.

The company said that it has invested $100 million to build a plant to manufacture MG Pakistan’s local models.

Pakistan’s machinery imports surge by 6.36%: PBS report

As part of its expansion strategy, MG Pakistan is concentrating mainly on locally assembled sedans, whose market share is 45 per cent currently.

As of July 2023, MG Pakistan sold over 15 000 C-SUVs within the country. This shows an emerging and promising potential market for the car manufacturer.