Islamabad August 16 2022: Transport Group imports decreased by 45 percent during the month of July to $209 million when compared with import bill of $383 million in June 2022, according to data published by Pakistan Bureau of Statistics.
This is the lowest value of transport group imports since October 2020.
The main reason behind the decline was import restrictions imposed by State Bank of Pakistan to curb import bill amid significant jump in prices of Trucks, Busses, Motor Vehicles and Motor Cycles amid increase in Central Bank policy rate to 15.0 percent from 6.75 percent a year earlier.
State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, 2022. Restrictions had adversely impacted clearance of import consignment which resultantly affected the import levels.
Imports of Completely Build Up (CBUs) declined 34 percent in July 2022 to $25 million. Further breakup showed that the import of Motor Cars decreased by 59 percent to $9 million in July 2022 while busses, trucks & Other heavy vehicles CBUs imports increased 3 percent to $15 million.
Imports of CKD dropped 46 percent in July to $101 million when compared with imports of June 2022. Further breakup showed that the import of busses, trucks & Other heavy vehicles decreased by 38 percent to $28 million in July 2022 and Motor cars CKD imports fell the most by 51 percent to $68 million while motor cycles CKD imports increased by 6 percent to 5 million in July 2022 when compared with previous months.
Parts and accessories imports followed the trend with decline of 9 percent to $30 million in July 2022.
