ISLAMABAD, AUGUST 19: In July 2024, the number of cars imported more than doubled to $23.29 million in orders. In local currency, these imported vehicles were worth about Rs6.45 billion.
Alongside this increase in car imports, there was also an increase in car assembly operations; in July 2024, $34.2 million worth of parts were imported. These parts were valued more than Rs9.5 billion in local currency, demonstrating a strong market for both fully assembled (FBU) and completely disassembled (CKD) auto kits.
This pattern is noteworthy because, despite economic difficulties and pressure from inflation, Pakistan continues to observe rising car demand. Industry observers speculate that the rise in automobile imports may be due to the expanding middle class and more accessible consumer finance options.
That being said, importation of smartphones is a different story. Comparing July 2024 to the same month the previous year, smartphone imports decreased by 5.3%, in contrast to the auto industry. In July 2023, imports of mobile phones totaled $68.1 million; in comparison, last month saw the importation of smartphones valued at $64.5 million.
Following a record-breaking year in which Pakistan imported mobile phones valued at $1.89 billion, there has been a noticeable decline in the demand for smartphones in the industry. Reduced consumer purchasing power as a result of the nation’s general economic circumstances, import limitations, and currency rate volatility are thought to be the causes of the fall. On the other side, there was a notable 45% increase in Pakistan’s food exports in the first month of the fiscal year 2024.
The Pakistan Bureau of Statistics states that food goods valued at more than $475.7 million (about Rs132.44 billion) were shipped in July, setting a record for the industry.
