Despite being a cash-strapped country and record-high inflation, the import of luxury and expensive cars continue in Pakistan. According to import data, 1,159 cars were imported in June 2023. According to the economist Ali Khizar, “Cars (CBUs) imports are on the rise- 1,159 cars (126 new) were imported in June and value is over $20 million.”
Breaking the number of cars, he mentioned that 65 luxury cars, including Land Cruisers, Lamborghinis, 285 hybrids, and 30 Electric Vehicles (EVs), including BMW, Etron, Tesla, and Mercedes EQC, were imported last month. Discussing the reason for the rise in these imports, the economist said that the government has recently revised the rules on the baggage scheme, which will increase imports further in the coming months.
Cars (CBUs) imports is on the rise- 1,159 cars (126 new) were imported in June- value is over $20mn
65 luxury cars–Cruisers, Lamborghinis etc
285 Hybrid
30 EVs-BMW, Etron,Tesla,Merc EQCGovt revised rules on baggage scheme will increase imports further in coming months pic.twitter.com/xoLeRqdFPj
— Ali khizar (@AliKhizar) July 14, 2023
Number of Luxury Imported Cars
The chart shared by him revealed the number of luxury cars imported last month:
- Mercedes Benz E-180 (1)
- Toyota Land Cruiser Prado (29)
- Toyota Land Cruiser (ZX/AX), Lexus LX570, Mercedes Benz AMG G63, Lamborghini Urus (36)
- Mercedes Benz S-580 (1)
- Land Range Rover Vogue, Toyota Kluger, Mercedes Benz E300E, Honda Accord (8)
- Merced Benz S 580 HEV (1)
- Range Rover P400E Hybrid (1)
- Audi E-tron 55 Quattro, Tesla Model 3, Mercedes Benz EQC 400, Mercedes Benz EQS 450, BMW IX M60, Porsche Taycan, Lexus UX300E (30)
Here is the complete table:
Meanwhile, Explaining the revision in the baggage scheme, Khizar told PakWheels.com that “Previously there was fixed US dollar Duty/Taxes on the certain engine size of vehicles, and now customs valuation will be done on Ad Valorem which is prone to massive Under invoicing.” The Ad Valorem means “according to value.” So all ad valorem taxes are based on the assessed value of the item being taxed.
It means we will see a significant increase in car imports in the next few months mainly because of a revision in the policy. This would lead to leaving US dollars from the country, which is currently not good for Pakistan.
What do you think about the import of these cars in June 2023? Please tell us in the comments section.
