KARACHI: A decline of 54 percent was recorded in the import of cars on an annual basis, in the first 11 months of the financial year.
According to data released by the Pakistan Bureau of Statistics, the foreign exchange spent on car imports in the period from July to May 2023 was $712 million, which is 54 percent less than the same period of the previous fiscal year.
In the same period of the previous fiscal year, the foreign exchange was spent on car imports of $1.558 million, the volume of car imports in May 2023 was recorded at $31 million, which is 80 percent less than May last year, the report said.
Read more: Car sales in Pakistan drop by 54% in first 10 months
According to the data, foreign exchange was spent on car imports in May last year at 156 million dollars, compared to April, car imports in May recorded a growth of 30 percent on a monthly basis.
