KARACHI: A major spike of 70 percent was recorded in imports of used cars during 2017, touching 65,723 units compared to 38,676 units in 2016.
Data outed by auto industry revealed imports of sport utility vehicles also jumped up by 59 percent, reaching 7,758 units, reported Dawn.
Also, imports of vans and pickups grew by 9 percent to touch 3,154 units and local industry has the record of all imported vehicles, whether old or new via Import General Manifest (IGM). The entry of every imported car is placed in custom’s IGM.
Toyota Vitz bagged the status of being the highest imported car in 2017 as it racked over 8,680 units import, growing 40 percent year-on-year. Toyota Aqua imports surged 96 percent from a year ago to touch 7,123 units.
And imports of Daihatsu Mira escalated by 73.1 percent to 6,091 units and Daihatsu Hijet climbed by 34.5 percent to touch 3,367 units. Suzuki Alto imports doubled during 2017 touching 4,158 units from 2,013 units in 2016 and Suzuki Every import also inched up by 14.6 percent to reach 5,088 units.
Suzuki Wagon R imports ratcheted a major surge of 115 percent during 2017 to reach 3,574 units. Imports of Toyota Land Cruiser grew 55.7 percent to reach 3,301 units in 2017 compared to 2016.
Honda Vezel imports also went up by 57.5 percent from a year ago to reach 2,431 units. Total import of used cars rose 65 percent to 76,635 units during 2017 from 46,500 units in 2016.
During first half of current financial year 2017-18, overall car imports registered a healthy growth of 64 percent, touching $276 million. Locally produced car sales rose 20.4 percent on a year-on-year basis during first half of FY 2017-18.
But according to ex-Chairman, Pakistan Association of Automotive Parts and Accessories Manufacturers’ (PAAPAM), local vending industry incurred a revenue loss of Rs23 billion in 2017. He added imports of used cars remained the biggest inhibiting factor to investment by existing assemblers, part makers and new entrants.
Earlier, State Bank of Pakistan reported auto financing reported a major increase in the bank’s consumer portfolio as its escalated by over 96 percent during first quarter of FY 2017-18.
The increase in lending on part of auto financing by banks contributed to a healthy rise in car sales across Pakistan, revealed SBP in its latest quarterly report.
Auto financing touched Rs11.2 billion during July-September 2017 of FY 2017-18 compared to Rs5.7 billion in same period last year (SPLY). Auto financing rose due to increased financing of cars on leases which were being signed up for ride-hailing services like Careem and Uber.
According to industry estimates, the growth in auto financing could have been much more if the local assemblers had provided vehicles on time.
