Pakistan still imports high-end luxury vehicles despite having record-high inflation and a financially strapped economy. In June 2023, a large number of such automobiles were imported, based on import statistics.
Ali Khizar, an economist, asserts that imports of luxury CBU cars are on the rise; as 1,159 cars, including 126 new ones, were imported in June 2023 at a cost of more than $20 million.
According to him, 65 premium vehicles, including Land Cruisers and Lamborghinis, 285 hybrid vehicles, and 30 electric vehicles (EVs), such as BMW, Audi Etron, Tesla, and Mercedes EQC, were imported in the last month. The economist explained that the government’s recent revision of the baggage scheme rules is to blame for the growth in these imports and that this revision will lead to more increases in imports in the upcoming months.
Cars (CBUs) imports is on the rise- 1,159 cars (126 new) were imported in June- value is over $20mn
65 luxury cars–Cruisers, Lamborghinis etc
285 Hybrid
30 EVs-BMW, Etron,Tesla,Merc EQCGovt revised rules on baggage scheme will increase imports further in coming months pic.twitter.com/xoLeRqdFPj
— Ali khizar (@AliKhizar) July 14, 2023
Such a significant expenditure on luxury vehicles by the elites prompts many questions at a time when imports for factories and other industrial facilities are halted owing to a lack of foreign reserves. More importantly, as Khizer has previously pointed out, this is a continuous practice that has been going on for a while, therefore the devastating impact on foreign reserves can only be imagined.
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