ISLAMABAD: Pakistan spent $1.2 billion (or Rs 259 billion) on the import of transportation products, including luxury cars, high-end electric vehicles, and their parts, over the past six months, according to report, despite efforts to conserve foreign exchange reserves by curbing imports.
With less than $5 billion in reserves, Pakistan is severely short on dollars and can hardly afford to pay for three weeks’ worth of imports.
Despite a general decline in imports of goods and vehicles for transportation compared to last year, the economy was nevertheless heavily burdened by significant outflows for the purchase of pricey luxury automobiles and pointless stuff.
Completely built units (CBU), completely knocked down/semi knocked down (CKD/SKD), totaling $530.5 million, or 118.2 billion, were imported during this period.
Since CKD kits are prohibited from being imported, yet millions of dollars’ worth of these kits are, the local industry and their production are harmed.
The government’s stance of banning imports relating to the industrial and commercial sectors is drawing much criticism, but large expenditure on imported cars and other vehicles is making matters worse.
