Image default
Business Economy Pakistan Trending Now

Huge Increase in Imports of Tea, Cars, and Mobile Phones in Pakistan

Islamabad: Pakistan has recorded a notable increase in the import of various commodities, with mobile phones, cars, and tea imports showing significant growth in recent months despite the rising inflation and ongoing currency fluctuations.

According to recent data, the foreign exchange spent on importing mobile phones surged by an astounding 214% over the past 11 months, totaling more than $1.062 billion. In Pakistani currency, this translates to a substantial Rs 458 billion. This sharp rise reflects the growing demand for smartphones in the country.

Similarly, car imports experienced a dramatic increase of 269%, amounting to over $235 million or Rs 66.5 billion in local currency. This surge suggests a rising consumer preference for imported vehicles.

Tea imports also saw a steady increase of 17%, with the total import value reaching $603.7 million, equivalent to more than Rs 171 billion.

The import of machinery surged by 40%, reaching $7.6 billion. This rise indicates significant investments in industrial equipment and infrastructure, reflecting the country’s ongoing development efforts.

Crude oil imports increased by 12%, surpassing $5 billion. Despite global market fluctuations, the demand for crude oil remains strong in Pakistan, driving this increase.

In a recent development, the Senate Standing Committee on Finance and Revenue decisively rejected a government proposal to impose an 18% sales tax on mobile phones priced up to $200 (approximately Rs 56,000). The proposed tax would affect the prices of phones, making them unaffordable for many consumers.

Meanwhile, the US dollar has continued to appreciate against the Pakistani rupee in the exchange market, reflecting ongoing fluctuations in currency values. This trend poses additional challenges for import-dependent sectors, impacting the overall cost of imported goods and burdening the already inflation-stricken public.

Dear TNT Reader,

At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.

Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.

But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.

Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.

Monthly Subscription Annual Subscription

Visa Card MasterCard American Express Card

We want to hear your Travel Stories.

Do you have a memorable, unbelievable, or favorite travel experience? Share your story with us.