KARACHI: As Indus Motor Company (IMC) closed its plant for a month from Oct 17, two more Japanese vehicle assemblers have announced shutting down their production activities for a limited period.

In a stock filing, Honda Atlas Cars Ltd (HACL) said it would keep production activities suspended for eight days starting Oct 24 due to low levels of inventory and part shortages that have severely affected the supply chain.

Separately, Pak Suzuki Motor Company Ltd (PSMCL) also informed the Pakistan Stock Exchange that its car plant would not be operating during Oct 25-27 due to a shortage of parts.

However, the motorcycle plant would remain operative.

The State Bank of Pakistan has eased import restrictions for opening letters of credit (LCs), but the import of completely knocked down (CKD) kits declined further.

According to PBS data, imports of CKD totalled $70.6 million in July which fell to $60.6m in August and to $54m in September.

The overall CKD import during July-September plunged by 26pc to $185m from $252m in the same period last year.

Published in Dawn, October 19th, 2023