Karachi July 22 2024: During FY24, machinery imports surged by 46 percent YoY to USD 8.5 billion, marking the highest increase in history.
The most significant growth was observed in the Mobile Phone segment, which soared by 233 percent YoY to USD 1,899 million, accounting for 22 percent of total machinery imports and 3 percent of the country’s total imports.
The Agricultural Machinery & Implements segment experienced a 123 percent increase, reaching USD 91 million during FY24. Electrical Machinery & Apparatus, holding the largest share in the machinery sector imports, grew by 96 percent to USD 3,275 million during the same period.
This broad-based growth across all machinery segments is expected to contribute to higher GDP growth in FY25, with the government targeting a 3.5 percent increase compared to 2.38 percent in FY24.
