New vehicles import hits all-time high

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Pakistan has witnessed record foreign exchange spending on highest-ever arrival of new automobiles in 2020-21 on strong demand followed by revival of used vehicles imports.

The country imported record 10,513 units of new cars, jeeps, vans, pickups, two-wheelers and buses in FY21 compared to 1,680 units in FY20, 3,716 units in FY19 and 7,424 units in FY18.

Besides, for the first time, 390 new electric ve-hicles (EVs) and 19 used EVs were also imported in FY21.

Entry of new players from Korea and China in the local assembly of new models coupled with low interest rates have injected new life in the auto sec-tor while used imported vehicles and locally assem-bled vehicles by old players also enjoy robust de-mand. In a first, 390 new and 19 used electric vehicles also imported

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