ISLAMABAD: Pakistan’s imports have reached an all-time high, with Pakistanis buying billions of dollars worth of luxury cars, mobile phones, and motorcycles.
According to the details, the country, which is suffering from a shortage of foreign exchange, started spending billions of dollars on imports. The country’s trade deficit has also reached record levels due to unnecessary imports. According to the Federal Bureau of Statistics (FBS), imports reached an all-time high in 10 months.
From July last year to April this year, the volume of imports stood at Rs65.53 billion, of which Rs17.33 billion was spent on petroleum products. Pakistan imported billions of luxury cars, mobile phones, and other items. Chemicals worth Rs12.1153 billion were purchased.
According to the Federal Bureau of Statistics, Pakistanis bought food items worth Rs 7 billion. Compared to the same period last year, this year’s imports recorded an increase of 12.30 percent. More than Rs 3 billion worth of palm oil was purchased in the first 10 months of the current fiscal year.
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Pakistan imported Rs 551.8 million worth of machinery from abroad, including 1.3 billion worth of power machinery. Imports of power machinery decreased by 9.35 percent during the current financial year as compared to the previous year, however, imports of luxury products increased.
From July to April, Pakistan imported 1.81 billion worth of mobile phones, up 7.43 percent from the previous year, the statistics agency said. In addition, imports in transport, textiles, iron, and steel also amounted to billions of dollars.
