According to recent reports, Car sales have plunged by 43% as compared to the previous year.
As per the data shown by the Pakistan Automotive Manufacturers Association (PAMA), car sales plunged by 65% in January 2023 from a year earlier amid a shortage of raw materials, low purchasing power.
As compared to the past year, car sales and production in January plunged to 5,723 and 6,021 units from 13,758 and 13,780 in December 2022.
The production and sales of cars fell sharply during the first seven months of FY23 by 38.6 percent and 43 percent, respectively, to 77,101 and 74,933 units from 125,507 and 131,759 units during the same period in the previous year.
According to the survey, Pak Suzuki, which has the largest market share, saw a 74% decrease in sales month over month in January 2023.
In January 2023, Indus Motor recorded a month-over-month gain of 26% to 3,570 units, followed by Honda Atlas Cars with 2,704 units.
It is important to note that Pakistan has taken action to stop the flow of dollars by restricting imports. The country’s foreign exchange reserves are at a critical level of $2.92 billion – lowest since February 2014.
n conclusion, the decline in car sales in Pakistan is a clear indication that the government’s new import policies have had a negative impact on the automobile industry. It is essential for the government to review and revise these policies to encourage local production while ensuring that consumers have access to affordable cars. Unless the situation improves, the automobile industry’s struggles could lead to a significant economic downturn in Pakistan.
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