Karachi, September 17, 2023 – Official statistics released by the Pakistan Bureau of Statistics (PBS) have revealed that Pakistan’s spending on car imports during the first two months of the fiscal year 2023-24 (July-August) amounted to a staggering Rs 9.07 billion.
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CBU Motor Vehicle Imports Surge by 51% in Dollar-Scarce Pakistan
Karachi, August 27, 2023 – Pakistan finds itself grappling with a severe scarcity of US dollars for its foreign obligations, but an unexpected development has emerged amidst these economic challenges. In July 2023, the import of Completely Built Unit (CBU) motor vehicles witnessed a remarkable surge of 51%, defying economic odds.
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Import of CBU cars in Pakistan surges by 146% in April 2023
Despite the Pakistani government’s efforts to restrict the import of luxury and non-essential items, the import of Completely Built Unit (CBU) cars into the country experienced a significant surge of 146 percent on a month-on-month (MoM) basis in April 2023.
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Impact of regulatory duty removal on used car prices in Pakistan
The Auto Traders and Importers Association on Thursday reacted to the end of the 20% regulatory duty on used imported cars in Pakistan.
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Peshawar Customs to auction old and used imported vehicles on April 27
The collectorate of Customs (Enforcement), Peshawar has announced an upcoming auction of used and old imported vehicles. The event is set to take place on April 27, 2023, at the Custom House Peshawar.
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Pakistan’s CBU car imports plummet by 81% amid government restrictions
KARACHI: Pakistan’s import of completely built unit (CBU) cars dropped by 81% during the first nine months of fiscal year 2022/2023 due to government restrictions aimed at supporting the country’s balance of payments.
Data released by the Pakistan Bureau of Statistics (PBS) on April 18, 2023, revealed that CBU car imports plunged to $47.31 million during the first nine months of the current fiscal year compared to $244.56 million in the same period of the last fiscal year.
The federal government had imposed a ban on the import of luxury and non-essential items on May 19, 2022. The ban was lifted on August 20, 2022, following a demand from the International Monetary Fund (IMF). However, car imports remained negligible, recording a 95% decline in September 2022 compared to the same month of the previous year.
During July to March of the current fiscal year, the overall import payment of CBU vehicles declined by 71% to $139 million compared to $480 million in the same period of the previous fiscal year. The import of CBU buses, trucks, and other heavy vehicles also recorded a decline of 52% to $1.35 billion during the period under review compared to $2.82 billion in the same quarter of the last fiscal year.
Meanwhile, the import payment for Completely Knocked Down (CKD) cars fell by 48% to $361.35 million during the first nine months of the fiscal year 2022-2023. CKD units are the basic raw material for the local assembly of cars.
As a result of the restrictions imposed by the State Bank of Pakistan (SBP) on the import of CKD kits, car manufacturers in Pakistan have observed temporary halts in production. Many other car makers have also announced temporary shutdowns due to insufficient inventory. The restrictions on CKD unit imports have also impacted the domestic sales of locally manufactured cars.
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FBR proposes changes to rules for temporary car imports by tourists
Federal Board of Revenue (FBR) on Wednesday announced amendments to the rules governing the temporary import of cars by tourists.
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Complete PCT details of imported CBU motor vehicles for 25% sales tax
KARACHI: Federal Board of Revenue (FBR) issued Pakistan Customs Tariff (PCT) details of Completely Built Up (CBU) imported motor vehicles on which sales tax at 25 per cent is applicable.
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Pakistan car imports surge by 108pc as restriction eases
Car imports into Pakistan have surged by 108 per cent Month on Month (MoM) in October 2022 owing to ease in restrictions by the government.
The import of motor cars in Completely Built Unit (CBU) into Pakistan increased to $2.70 million in October 2022 as compared with $1.3 million in previous month i.e. September 2022, according to Pakistan Bureau of Statistics (PBS).
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The increase in import of CBU cars may be attributed to relaxation in import condition by the government. A complete ban was imposed in May 2022 on import of luxury and non-essential items. However, this ban was relaxed on August 20, 2022.
However, there are still some restrictions on the import which resulted in 90 per cent to $27.83 million in October 2021 when compared with the latest number of October 2022.
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Cumulatively, the import of CBU cars plunged by 81 per cent to $23.72 million in first four months (July – October) of current fiscal year 2022-2023 as compared with $123.53 million in the corresponding period of the last fiscal year.
Total import of CBU vehicles recorded a decline of over 58 per cent to $89.66 million in first four months of the current fiscal year as compared with $216 million in the corresponding months of the last fiscal year.
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The import of motor cars in Completely Knocked Down (CKD) recorded an increase of 12.47 per cent to $103.47 million in October 2022 when compared with $92 million in September 2022. It decreased by 8 per cent when compared with $112.32 million in October 2021.
Cumulatively, the import of CKD cars recorded a decline of 31.55 per cent to $355.74 million during first four months of the current fiscal year when compared with $520 million in the corresponding months of the last fiscal year.
Overall import of CKD vehicles fell by 33.51 per cent to $507 million during the period under review when compared with $762 million in the same period of the last year.
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Pakistan raises Regulatory Duty to 100 % on motor vehicle import
Pakistan has increased the regulatory duty on imported motor vehicles from 90% to 100%. The decision, communicated through the issuance of SRO 1571(I)/2022 by the Federal Board of Revenue (FBR), comes as part of the government’s efforts to stabilize the balance of payments and manage the outflow of foreign exchange.
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