Pakistan is facing one of its worst economic crises ever, but that hasn't stopped the car enthusiasts in the country to import high-end vehicles from around the world. According to a report, Pakistan spent USD 1.2 billion (Rs 259 billion) on the import of transportation items, including luxury cars, high-end electric vehicles, and their parts, during the last six months.
Pakistan's The News reported that despite the overall reduction in imports of transportation vehicles and other items compared with last year, the economy was still burdened with heavy outflows for buying expensive luxury vehicles and useless items.
The costly imports: During the last six months, the country imported completely built units (CBU), completely knocked down/semi knocked down (CKD/SKD) of USD 530.5 million equivalent to Rs 118.2 billion.
Over USD 140 billion imports in just December: In December, the transport sector's imports stood at USD 140.7 million (Rs 31.6 billion). Of this, USD 47.5 million or 11.3 billion rupees were spent on the imports of cars, USD 27 million on parts and accessories, USD 3.6 million on motorcycles import, USD 25 million on buses, trucks, and heavy vehicles, and another USD 22.4 million on the import of aircraft, ships, and boats, reported PTI.
Pakistan's economic crisis: Pakistan is facing an alarming financial crisis and it has severely affected millions of people. The cash-strapped country is running out of food reserves and the foreign reserves have depleted to as low as USD 4 billion.