In recent months, there has been a significant increase in the import of a variety of goods into Pakistan; among the commodities with large increases recorded are vehicles, tea, and mobile phones.
Recent data indicate that over the previous 11 months, the import of cellphones increased by an astounding 214%, amounting to approximately $1.062 billion. This import cost is a staggering Rs458 billion in Pakistani currency.
Similarly, there was a sharp increase in auto imports of 269%, amounting to about $235 million, or Rs66.47 billion in local currency.
Additionally, the amount spent on tea imports into Pakistan increased by 17% to $603.7 million. This demonstrates the steady demand for this commodity, since it is equivalent to more than Rs171 billion in Pakistani rupees.
A significant increase in machinery imports was also seen, rising by 40% to $7.6 billion, highlighting expenditures on infrastructure and industrial equipment. Imports of crude oil rose by 12% and surpassed $5 billion in the meantime, demonstrating continued demand in spite of volatility in the world market.
In the meantime, the government’s plan to levy an 18% sales tax on mobile phones costing up to $200 (approximately Rs56,000) was soundly rejected by the Senate Standing Committee on Finance and Revenue.
Senator Anusha Rehman expressed her vehement objection to the proposed tax, arguing that smartphones are necessities rather than extravagance. The speaker emphasised that a tax of this kind would disproportionately impact phones with lower prices, rendering them unaffordable for a large number of customers.
However, in the currency market, the US dollar has strengthened further versus the rupee, demonstrating continuous changes in the value of currencies.
