Pakistan imports mobile phones worth $1.978BN during fiscal year 2021-22

Pakistan imports mobile phones worth $1.978BN during fiscal year 2021-22

According to the Pakistan Bureau of Statistics, Pakistan imported mobile phones worth $1.978 billion for fiscal year 2021-22, compared to $2.065 billion during the same time previous year, representing a 4.19 percent decrease (PBS).

Overall telecom imports into the country climbed by 3.52 percent over the time under evaluation, from $2.593 billion in July-June 2020-21 to $2.684 billion during the same period last year.

According to PBS statistics, imports of mobile phones into Pakistan fell by 76.52 percent month on month in June 2022, totaling $32.221 million, compared to $137.213 million in May 2022.

Furthermore, as compared to $204.677 million in June 2021, mobile phones saw an 84.26 percent negative growth year on year.

Miftah Ismail, Federal Minister of Finance and Revenue, stated on Wednesday that the government has implemented result-oriented steps to balance imports with exports and remittances.

“We’re making efforts to make imports almost equivalent to exports and remittances.” We don’t have the space in our foreign exchange reserves to lower them, and we don’t have any other reserves. “As a result, we aim to create a balance between imports, exports, and remittances,” the federal minister stated during a news conference.

He stated that the government has taken several measures, including increasing LC margins and prohibiting the sale of assembled autos and mobile phones. It also slowed down the local manufacture of automobiles, trucks, and refrigerators. It also made obtaining clearance from the State Bank of Pakistan for a $1 lac LC essential.

Concerning the rupee’s devaluation, the minister stated that the local currency has declined against the dollar while strengthening against the pound, euro, and Japanese yen. According to him, the dollar has had 22 years of strong appreciation versus all currencies.