Pakistan spends USD 414 mln in imports of vehicles from foreign countries during 1QFY21

October 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 43% MoM to USD 152 million during the month of September 2020, compared to USD 106 million in August 2020, revealed trade figures released recently by Pakistan Bureau of Statistics (PBS).

However, on yearly basis, the imports of vehicles plunged by 30% YoY in September, compared to the imports of USD 217.6 million recorded in September 2019.

Cumulatively, during Jul-Sep 2020, the imports of Transport group plummeted to USD 414 million from USD 538 million in the corresponding period last year, marking a decline of 23% 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 September after a total of more than USD 111.5 million worth of vehicles were imported up by 12.59% from USD 99 million last month. while on yearly basis, its imports registered a decline of 7.28% YoY.

On a cumulative basis, during 3MFY21, the imports of Road Motor Vehicles witnessed a decline of 18% YoY to USD 325.8 million from USD 397.8 million recorded during 3MFY20.

On the other hand, Completely Built Units (CBU) imports during the period registered a massive increase of 125% YoY to USD 65.8 million from USD 29.3 million in the same quarter last year. Within this group, the highest imports were recorded for Motor Cars at USD 39 million, up by 166% YoY. This was followed by buses, trucks and other heavy vehicles as their imports recorded at USD 26.3 million, showing a growth of 84% YoY.

Furthermore, the imports of Completely Knocked Down (CKD) or Semi-Knocked Down (SKD) units were recorded at USD 180.7 million, i.e. 30.85% lower when it compared with the figures of first quarter of last fiscal year. Within this segment, the import of buses, trucks and other heavy vehicles stood at USD 45.2 million, motor cars at USD 124.78 million, and motorcycles at USD 10.7 million, i.e. down by 33%, 28.75% and 42.6% YoY respectively during Jul-Sep 2020.

In addition, Aircrafts, Ships and Boats imports went down by 34% YoY clocking in at USD 86.6 million, Parts & Accessories imports were also plunged by 32.4% during the period to reach USD 61.6 million from USD 91.3 million recorded in the corresponding quarter last year.

Other Transport Equipment imports have also fell in the last three months reaching USD 1.9 million down by 79% YoY.

Copyright Mettis Link News

Posted on: 2020-10-20T16:10:00+05:00

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