There is an ongoing increase in the number and use of imported passenger vehicles in Pakistan. The total number of used cars imported to the country in FY14 was recorded to be around 22,000 which grew in the subsequent year FY15 by 10 thousand more items.
According to data provided by Customs Appraisement South, the import of motor vehicles in terms of value increased by 19.4 per cent in FY14-15. Vehicles worth Rs 53.93b were imported to the country in the first 10 months, drawing in customs duty of Rs 21.126 billion. At the time imported vehicles make up around 15 per cent of total car sales in Pakistan. Reports suggest that current fiscal year has witnessed a record high in the import of cars so far with a significant surge of 35 per cent worth over $218 million compared to the same period last year.
Over the past few years, improved macroeconomic conditions of Pakistan have had a positive impact on the growth of automotive industry. Higher per capita income and reduced interest rates have resulted in a boom in auto sales. Obviously lower fuel prices also have a positive impact on auto prices.
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