Drastic cut in imported cars in Pakistan saves millions of dollars for Pakistan economy

Drastic cut in imported cars in Pakistan saves millions of dollars for Pakistan economy
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ISLAMABAD - Drastic cut in imported cars in Pakistan has saved millions of dollars for Pakistan economy.

Due to the restriction on car imports and the depreciating value of rupee, car imports in the first ninth months of the current fiscal year plummeted by 42% to $209 million.

The latest Pakistan Bureau of Statistics (PBS) data shows that in the same period last year, car imports totaled $359.5 million. Last month, on a year-on-year basis, car imports had dropped by 80% to $6.1 million.

Even the clearance of cars at customs has halted because of the restrictions imposed by the government, confirmed customs authorities.

In the budget 2018/19, a restriction was imposed on non-filers preventing them from registering imported cars with the relevant authorities and stopped them from buying locally manufactured cars by the government.

Although, the incumbent government tried to reverse these measures through its first mini-budget – Finance Supplementary (Amendment) Bill 2018 – it was forced to drop the idea after severe opposition from stakeholders.

It is pertinent to point out that the condition was relaxed for overseas Pakistanis, thus allowing them to register the cars even if they weren’t filers.

Economy