Pakistan imported mobile phones worth Rs. 12.33 billion ($43.201 million) in May of the current fiscal year 2022-23 (FY23), registering a month-on-month growth of 308.82 percent compared to Rs. 3.017 billion ($10.587 million) in April.
On a year-on-year (YoY) basis, mobile phone imports decreased by 56 percent compared to May 2022 when the same imports clocked in at Rs. 26.825 billion (roughly $137.212 million).
Likewise, mobile phone imports decreased by 55 percent YoY during July-May FY23, with Pakistanis importing smartphones worth Rs. 204.857 billion this year compared to Rs. 455.334 billion recorded in the same period last year.
It bears mentioning that the import of mobile phones by Pakistanis during July-May FY22 was equivalent to $1.94 billion.
Pakistan’s trade activities have slowed and import trends are pointing toward further decelerations to come, with mobile phone imports taking big hits ever since the government restricted letters of credit in a frantic bid to mitigate the effects of last year’s devastating floods.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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