Pakistan’s Machinery Imports Surge by 6.36% in Five Months
Pakistan’s machinery imports have experienced a notable increase, rising by 6.36% during the first five months of the current fiscal year (2023-24) compared to the corresponding period last year, according to data from the Pakistan Bureau of Statistics (PBS). The total imports in the machinery group reached $2,935.576 million, marking a significant uptick from $2,760.055 million during the same period in the previous year.
Several subcategories within the machinery sector showed substantial growth. Agriculture sector machinery and equipment imports increased by an impressive 60.76%, reaching $31.804 million. Office machinery, including data processing equipment, saw a rise of 57.11%, climbing from $129.909 million to $204.095 million. Other notable increases were observed in telecom-related equipment (74.36%), mobile phones (112.20%), and electricity machinery and apparatus (17.10%).
However, certain segments experienced declines. Power-generating machinery imports decreased by 26.24%, textile machinery by 73%, and other equipment by 18%.
On a year-on-year basis, machinery group imports showed a robust increase of 9.17% in November 2023 compared to the same month the previous year, totaling $583.926 million. However, on a month-on-month basis, there was a 15.95% decline in November compared to October 2023, when imports stood at $694.762 million.
This data suggests a dynamic trend in Pakistan’s machinery imports, influenced by factors such as economic conditions, sector-specific demands, and global trade dynamics. The increasing imports in certain categories align with the country’s economic activities and development projects, reflecting a nuanced pattern in its machinery trade landscape.