Cash-strapped Pakistan imports smartphones worth $1.062 billion

Pakistan has witnessed an over 200 percent increase in the import of cars and mobile phones, according to the data released by Pakistan Bureau Statistics (PBS).

According to the report, on a year-on-year basis, Pakistan’s imports of smartphones surged to 214 percent or $1.062 billion in 11 months.

However, the data showed a decline of 1.58 percent in smartphones' import on a month-on-month (MoM) basis in May 2024 and stood at $158.842 million compared to the previous month April 2024.

Similarly, the import of cars saw a spike of 269 percent, reaching over $235 million (Rs66.47 billion).

All Pakistan Motor Dealers Association (APMDA) Chairman H.M. Shahzad said that 28,000 used cars were imported during the July-May period of FY24, compared to 14,000-15,000 units in the entire FY23.

The tea imports grew up by 17 percent worth $603.7 million (Rs171 billion). Machinery saw a surge of 40% or $7.6 billion. Meanwhile, crude oil imports increased by 12%, surpassing $5 billion.

The report came at a time when authorities were deliberating over an increase in tax on imports to shrink it and for the generation of revenue from taxation to comply with a condition of the International Monetary Funds (IMF).