ISLAMABAD, May 17: Import of used cars and jeeps declined by 25.7 per cent to 16,782 units during the July-March period of the current fiscal year as against 22,583 units imported in the corresponding period last year.
Official figures released here by the CBR showed that import of cars and jeeps in CBU condition dropped because of restriction on the import of vehicles older than five years.
The revision in the policy has resulted in a massive decline in revenue from import of cars. Around 48 per cent of the total imported cars were of 1000cc this year as against 31.2 per cent in the previous fiscal year. Its contribution in customs duty increased from 8.2 per cent to 14.9 per cent. However, overall collection from CBU cars declined by 42.7 per cent mainly due to 55 per cent drop in higher CC vehicles as higher capacity imported cars used to fetch higher customs duty and other taxes.
Major imports of mechanical machinery (Chapter (84) are in the areas of industrial goods (25.3 per cent), textile (19.3pc), construction (12.8pc), pumps (10.8 per cent) and engines (10.2pc).
The recent data confirms that import of textile, construction machinery and agriculture implements dropped by 35.5 per cent, 22.8 per cent and 47.4 per cent, respectively. Resultantly, the collection decreased by 38.2 per cent and 31pc, respectively.
Import of machinery is vital for expansion of industrial sector and overall development of the country.
