LAHORE MIRROR — Pakistan’s automobile sector shrank by 42.48% during the first nine months of the outgoing fiscal year 2023 against 53.77% growth in the same period last year.
The Economic Survey 2022-23 says with the exception of buses, a significant decline was seen in the productivity of all sub-sectors of the automobile industry during July-March FY23 when compared to the same period last year.
“The growth in bus segment was an anomaly, primarily due to existing demand and available reserve stocks of auto parts and CKDs for buses,” stated the survey.
“After buses, heavy commercial vehicles, particularly trucks, also experienced a decline of 39.8% as demand fell steeply.”
The decline in growth was primarily attributed to the import restrictions on the automobile industry aimed at reducing the current account deficit.
