KARACHI: The import of used motor vehicles sharply decline by 43 percent during first half of current fiscal year owing to significant devaluation of local currency and imposition of regulatory duty.
The import of used motor cars or completely built unit (CBU) was at $156.43 million during July – December, 2018 as compared with $276.7 million in the corresponding period of the last year, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.
Industry experts said that the rupee devaluation during the last year increased the cost of imported goods.
They further said that the imposition of regulatory duty also discouraged the luxury imports during the last year.
The import of motor vehicles during December 2018 fell drastically by 50.45 percent to $21.52 million as compared with $43.42 million in the same month of the last year.