In the first month of the current financial year, Pakistan witnessed a sharp increase in car imports, while smartphone imports took a downturn, according to the latest report from the Pakistan Bureau of Statistics (PBS).
Car imports more than doubled in July 2024, with vehicles worth $23.29 million ordered during the month. The value of these imported cars in local currency amounted to approximately Rs6.45 billion.
In addition to this surge in car imports, car assembly operations also saw a rise, with parts worth $34.2 million being imported in July 2024. The value of these parts in local currency was over Rs9.5 billion, indicating robust demand for both fully built units (CBUs) and completely knocked down (CKD) car kits.
This trend is notable as Pakistan continues to see increasing demand for automobiles, even amidst economic challenges and inflationary pressures. Industry analysts suggest that a growing middle class and increased consumer financing options may be driving the growth in car imports.
Also Read: Pakistan sees 45% surge in food exports for July 2024
However, the same cannot be said for smartphone imports. In contrast to the car sector, smartphone imports saw a decline of 5.3% in July 2024 compared to the same period last year. Smartphones worth $64.5 million were imported last month, a sharp contrast to July 2023 when mobile phone imports amounted to $68.1 million.
This decrease in smartphone imports comes after a record year in which Pakistan imported mobile phones worth $1.89 billion, a clear sign of cooling demand in the sector. The decline is believed to be a result of import restrictions, exchange rate volatility, and reduced consumer purchasing power due to the overall economic situation in the country.
On the other hand, Pakistan’s food exports witnessed a significant boost in the first month of the fiscal year 2024, with a remarkable 45% increase.
According to the Pakistan Bureau of Statistics, food items worth over $475.7 million (approximately Rs132.44 billion) were exported in July, marking a record rise in the sector.
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Rice, including the Basmati type, led the growth with a staggering 135% increase in exports, contributing $205.7 million in earnings. This surge highlights the rising global demand for Pakistani rice.
Another major contributor to the export growth was sugar, which saw a phenomenal 590% increase in exports, generating $23.9 million in revenue. The significant rise in sugar exports reflects Pakistan’s expanding footprint in international markets.
The export of vegetables also doubled, with a 100% increase, bringing in $28.8 million in revenue. Additionally, fruit exports saw a modest 13% rise, with total earnings exceeding $40 million.
Other notable increases were observed in oilseeds and nuts, which saw a 94% rise in exports, and the meat industry, which grew by nearly 6%, generating $36.8 million in revenue.
