ISLAMABAD - A total of 259,924 used vehicles of Rs149052 million has been imported since July 2013 to February 2018, official data revealed.

According to statistics of FBR, during July 2013 to June 2014, as many as 35751 units of Rs14247 million were brought in the country, while during July 2014 to June 2015, a total 41181 units of Rs24849 million were imported.

During next year, 62460 units of Rs33829 were shipped in while during July 2016 to June 2017, a total of 62745 vehicles were imported.

In the period between July 17 to February 2018, 57787 units of Rs35165 million were imported.

According to official data, the policy of import of cars, as mentioned in Import Policy Order, 2013, is in vogue since 2013 and no further concessions have been effected since June 2013.

In order to put a check on the misuse of the policy, the Commerce Division through a SRO dated 20th October, 2017, imposed a condition for payment of duties and taxes by the importer in foreign exchange through banking channels.

However, a large number of cars, which could not fulfill the new conditions, were stuck up at the ports. Consequently, the Economic Coordination Committee (ECC) of the Cabinet reverted the policy and directed Commerce Division to chalk out a policy in consultation with the stakeholders to curb the misuse of policy. Commerce Division has initiated the process of consultations.

According to local industry data, Toyota Vitz remained the most favorite imported car in 2017 and 8,680 units were imported during the year 2017. Daihatsu Mira was also among famous with an import of 6,091 units.

A total of 5,088 units of Suzuki Every were brought into Pakistan, while Daihatsu Hijet stood at 3,367 units.

Imports of Honda Vezel and Toyota Land Cruiser stood 2,431 units and 3,301 units in 2017, up 57.5pc and 55.7pc, respectively, on an annual basis.

Industry pundits believed low interest rates, and ease of auto financing by banks and entry of new cab services like Careem and Uber boosted the imports of used cars as well as sales of locally assembled vehicles.