Imported Cars in Pakistan is a matter of concerned in recent times for Business person’s associated to it.
Earlier in year 2022 the government had imposed a ban on all imported commodities on 19th May to curb foreign exchange outflows amidst a worrying balance of payments issue which was a huge issue for Pakistan and needs to be controlled .
However the Former Finance Minister of Pakistan Miftah Ismail a couple of month ago had announced that the government will be lifting the ban on imported goods into Pakistan, including completely-built-up (CBU) cars.
The announcement of lifting bank of car imports will provide a big relief to many automotive manufacturers whose business model relied solely on CBUs.
According to the stats CBU cars accounted for $306,221,000 of the total $80,489,884,000 import bill during FY 2021-22. This translates into 0.38%.
Here it is worth mentioning that as per the reports, the board has hiked regulatory duties to 100% from the previous 15% on the import of vehicles with engine capacity larger than 1000cc to ensure that foreign exchange reserves are not in pressure any more as Pakistan’s Financial stability is the top priority for the current Government and needs to be handle very cautiously.