Imports of vehicles soar 32% MoM, 85% YoY in October

November 20, 2020 (MLN): The demand for more varieties of vehicles from Pakistan’s consumers when choosing from local manufacturers continues to rise, as the imports of vehicles from foreign countries increased by 32.2% MoM to USD 200.8 million during the month of October 2020, compared to USD 151.8 million in September 2020, revealed trade figures released recently by Pakistan Bureau of Statistics (PBS).

Likewise, on yearly basis, the imports of vehicles jumped significantly by 85.39% YoY during the month, compared to the imports of USD 108.3 million recorded in October 2019.

Cumulatively, during Jul-Oct 2020, the imports of Transport group plummeted to USD 615 million from USD  646.4 million in the corresponding period last year, marking a decline of 5% YoY.

Transport Group includes all Road Motor Vehicles, Completely Built Unites (CBU) including Buses, Trucks, Cars and Bikes, Completely Knocked down Units, Parts & Accessories, Aircrafts, Ships, Boats and Other Transport Equipment.

Road Motor Vehicles (Build Units) were amongst the leading cause for rising group’s import bill on monthly basis in October after a total of more than USD 149.6 million worth of vehicles were imported up by 34.2% from USD 111.4 million last month. while on yearly basis, its imports registered a growth of 62.2% YoY.

On a cumulative basis, during 4MFY21, the imports of Road Motor Vehicles witnessed a decline of 3% YoY to USD 475.3 million from USD 490 million recorded during 4MFY20.

On the other hand, Completely Built Units (CBU) imports during the period registered a massive increase of 109.9% YoY to USD 88 million from USD 41.9 million in the same period last year. Within this group, the highest imports were recorded for Motor Cars at USD 57.8 million, up by 185.5% YoY. This was followed by buses, trucks and other heavy vehicles as their imports recorded at USD 29.6 million, showing a growth of 39% YoY.

Furthermore, the imports of Completely Knocked Down (CKD) or Semi-Knocked Down (SKD) units were recorded at USD 276.9 million, i.e. 11.3% lower when it compared with the figures of the corresponding period of last fiscal year. Within this segment, the import of buses, trucks and other heavy vehicles stood at USD 64.9 million, motor cars at USD 196.7 million, and motorcycles at USD 15.26 million, i.e. down by 21%, 4.57% and 36.6% YoY respectively during Jul-Oct 2020.

In addition, Aircrafts, Ships and Boats imports went down by 6.2% YoY clocking in at USD 137.49 million, Parts & Accessories imports were also plunged by 22.5% during the period to reach USD 88.9 million from USD 114.7 million recorded in the corresponding period last year.

Other Transport Equipment imports have also fell massively in the last four months reaching USD 2.3 million down by 76% YoY.

Copyright Mettis Link News

Posted on: 2020-11-20T12:16:00+05:00

38135