Pakistan: Import of mobile phones, cars, tea records huge increaseBreaking

June 24, 2024

The import of various commodities into Pakistan has witnessed a substantial rise in recent months, with notable increases reported in mobile phones, cars, and tea, among others. According to recent reports, the import of smartphones surged by an impressive 214%, totalling more than $1.062 billion over the past 11 months. In Pakistani currency, this import bill amounts to a staggering Rs458 billion. Similarly, the import of cars saw a dramatic spike of 269%, reaching over $235 million, equivalent to Rs66.47 billion in local currency. Moreover, Pakistan's appetite for tea imports grew by 17%, with transactions amounting to $603.7 million. In Pakistani rupees, this translates to more than Rs171 billion, highlighting a consistent demand for this commodity. The import of machinery also saw a substantial uptick, surging by 40% to reach $7.6 billion, underscoring investments in industrial equipment and infrastructure.

Meanwhile, crude oil imports increased by 12%, surpassing $5 billion, indicating ongoing demand despite global market fluctuations. Also Read: US Dollar appreciates slightly against Pakistani Rupee Meanwhile, the Senate Standing Committee on Finance and Revenue decisively rejected the government's proposal to impose an 18% sales tax on mobile phones priced up to $200 (roughly Rs56,000). Senator Anusha Rehman voiced strong opposition to the proposed tax, asserting that mobile phones are essential items rather than luxuries. She highlighted that the imposition of such a tax would disproportionately affect lower-priced phones, making them unaffordable for many consumers.  On the other hand, the US dollar has further appreciated against the rupee in the exchange market, reflecting ongoing fluctuations in currency values.

Credit: Independent News Pakistan