Islamabad June 19 2023: As per the latest data released by the Pakistan Bureau of Statistics (PBS), Pakistan Machinery imports witnessed decrease of 47.8 percent YoY during the first eleven months of the financial year 2023.
Country imported Textile Machinery worth USD 317 million which is down by 56 percent YoY during the first eleven months of the financial year 2023. The decrease in imports is triggered by imports restriction by the Government due to the prevailing external issues in the country amid lower foreign exchange reserves and high external debt repayments.
Construction & Mining Machinery imports also decreased by 49 percent YoY during the first eleven months of the financial year 2023. The decline is witnessed due the restriction on opening of LCs.
Electrical Machinery & Apparatus imports also decreased by 14 percent YoY to USD 1.5 billion during the first eleven months of the financial year 2023. Imports of Office Machine Including Data Processing Equipment, Telecom and Power Generating Machinery also decreased by 44 percent, 67 percent and 67 percent, respectively.
Mobile phone imports decreased by 73.5 percent to USD 516 million during the period from July to May 2023 due to extra ordinary increase in mobile set prices as Pakistan Rupee gone through sharp devaluation during the last year.
Country manufactured 3.4 million mobile devices during the period from July to April, down by 84.3 percent when compared to the manufacturing of 21.9 units in the same period last year.
Agricultural Machinery & Implements imports also went down by 65 percent to USD 37 million during the first eleven months of the financial year 2023.
