Karachi, January 22, 2024 – Pakistan has witnessed an unprecedented surge in the import of Completely Built Unit (CBU) cars, with official data revealing a staggering 200 percent increase during the first half (July – December) of fiscal year 2023-24.
According to the Pakistan Bureau of Statistics (PBS), the import of CBU cars reached $108.16 million, showcasing a substantial leap from the $36 million recorded during the same period in the previous fiscal year.
This remarkable growth in CBU car imports suggests a shift in consumer preferences and economic dynamics within the country. The data indicates a robust demand for fully assembled vehicles, potentially driven by factors such as increased disposable income, changing consumer tastes, and a growing middle class.
Contrastingly, the import of CBU heavy vehicles experienced a notable decline of 57 percent, falling to $33.77 million during July – December of fiscal year 2023-24 compared to $78.37 million in the corresponding period of the previous fiscal year. This decline in heavy vehicle imports may be attributed to various factors, including economic uncertainties, fluctuations in the transportation sector, or potential shifts towards more sustainable and cost-effective transportation solutions.
Moreover, the import of motorcycles also witnessed a decline of 24 percent, dropping to $0.7 million during the first half of the fiscal year 2023-24, in contrast to $0.92 million in the corresponding half of the previous fiscal year. This decline might be indicative of evolving preferences among consumers, with a potential shift towards other modes of transport or changing trends in the automotive market.
Despite the decline in heavy vehicles and motorcycles, the overall import of CBU vehicles, including cars, heavy vehicles, and motorcycles, showed a positive trajectory. The total import recorded an increase of 23.64 percent, reaching $142.63 million during the first half of fiscal year 2023-24, compared to $115.6 million in the same half of the previous fiscal year.
The surge in CBU car imports suggests a potential boost to the automotive industry, creating opportunities for both local and international manufacturers. This increase in demand for fully assembled cars could lead to job creation, investment inflows, and a more competitive market environment.
Industry experts believe that the government’s policies and economic stability play pivotal roles in shaping these trends. As the country continues to navigate through economic challenges and opportunities, stakeholders in the automotive sector will closely monitor these developments and adapt their strategies to capitalize on emerging market dynamics.
The remarkable surge in the import of CBU cars in Pakistan’s first half of fiscal year 2023-24 highlights evolving consumer preferences and economic shifts. While heavy vehicles and motorcycles experienced declines in import, the overall growth in the CBU vehicle sector presents new opportunities and challenges for the automotive industry in Pakistan. As the nation progresses, stakeholders will continue to assess and respond to these trends, shaping the future landscape of the automotive market.
