Pakistan has had record foreign exchange spending on the highest-ever import of new automobiles in the fiscal year 2020-2021 followed by the resurgence of the import of used vehicles.
The country imported an unprecedented 10,415 units of cars, vans, jeeps, buses, pickups, and motorbikes in FY21 against the previous imports of 1,680 units in FY20, and 3,716 units in FY19, and 7,424 units in FY18.
Pakistan also imported 390 new units and 19 used units of electric vehicles this year.
New entrants from China and Korea, local assembly of new models like Morrison Garages (MG), Kia Lucky Motors Pvt. Ltd., and Regal Automobile Industries, and low-interest rates have revitalized the Pakistani automotive sector that has been dominated by the three Japanese manufacturers Honda, Toyota, and Suzuki.
Besides the entry of new manufacturers in the local assembly sector lower interest rates on car financing have also boosted automotive sales significantly.