Pakistan government, during the last fiscal year, imposed heavy taxes on import of cars, however, that hasn’t stopped customers from importing foreign assembled cars. The imports have soared and increased by 70% as compared to last year.
The Trends in Imports
According to the latest data from Import General Manifest (IGM), following trends were seen in the import of used cars.
- Overall, used cars reached 65,723 units, up from 38,676 units last year.
- The import of Sport Utility Vehicles (SUVs) increased by 59% to 7,758 units.
- 8,680 units of Toyota Vitz were imported in 2017, making it the most popular imported vehicle (increase of 40%).
- Imports of Daihatsu Mira also surged by 73.1% to 6,091 units.
- Toyota Aqua also managed to impress Pakistani commuters who imported 7,123 units, up by 96%.
- Suzuki Every’s sale increased to 5,088 units, up by 14.6%.
- Honda Vezel; total units sold in 2017 were 2,431 up by 57.5%.
- Suzuki Alto’s sale increased by 100% to touch 4,158 units.
- Toyota Land Cruiser touched sales of 3,301 units, up by 55.7%.
- Suzuki Wagon R’s sales increased by 115% to 3,574 units.
- The import value touched $276 million from July to December during current fiscal year.
- The local vending industry however lost significant money. According to Automotive Parts and Accessories Manufacturers Association, the industry lost Rs 23 billion in revenue.
The Reasons Behind Surge
Despite government’s high regulatory duties, sales of imported vehicles sky-rocketed. The driving factors behind this was the introduction of ride-hailing services like Careem and Uber.
The imports didn’t slow down local manufacturers from selling their stock either. The sales of local cars increased by 20.4%, crossing the 1-lac mark to touch 103,432 units year-on-year.