Pakistan Automobile industry gets worst shock

Pakistan Automobile industry gets worst shock

During a period of surging inflation, the sale of vehicles in Pakistan took a sharp nosedive, plummeting by 50 percent. Automobile dealers have expressed concerns about the potential rise in unemployment.

In August FY23, only 5,900 cars were sold, marking a 52 percent decline compared to the same month the previous year, as reported by the Automobile Manufacturing Association.

Dealers are attributing this decline in sales to the escalating inflation and the soaring petrol prices. They worry that if the situation persists, conducting business will become even more challenging than it has been in the past. Car sellers also warn that business closures could lead to a significant increase in unemployment.

People have noted that owning a car has become a distant dream, especially with commodity prices reaching their peak. In the midst of these economic challenges, purchasing a car has become exceedingly difficult.

However, a recent report from the Pakistan Bureau of Statistics reveals intriguing trends in the nation's weekly inflation, the Sensitive Price Indicator, offering a dynamic snapshot of consumer spending