Pakistan: July registers over 64pc year-on-year decline in car sales
Business
Trend most visible in the case of Honda with units sold down to 208 against 2,408 last year
ISLAMABAD (Web Desk) – The effects of a persistent record-high inflation and reduced purchasing power are very much visible, as Pakistan witnessed a 64.32 per cent decline in car sales in July 2023-24 when compared with the corresponding month of last year.
The latest data shared by the Pakistan Automobile Manufacturing Association (PAMA) shows only 3,702 cars were sold as opposed to 10,378 units in July 2023-23 which again highlights the lack of importance being given to domestic demand which much be boosted to sustain the country’s industrial sector. The auto sector is certainly one of the worst affected in the country.
Meanwhile, the data comes as the manufacturers have hiked the prices of different models, ensuring that the customers must reset their priorities with no decrease in inflation visible in near future.
According to these figures, the biggest decline was witnessed in the case of Honda Civic and City with 208 units against the last year’s total of 2,408. It was followed by Toyota Corolla and Yaris whose sale decreased by 38.46 per cent – from 1,734 to 1,067 units from 1,734.
Interestingly, Japan's Honda Motor last week reported a 78pc rise in quarterly profit globally, boosted by increased sales, especially in the North American market, and a weaker yen – in complete contrast to what we have been witnessed in Pakistan.
Read more: Honda posts 78pc rise in quarterly profit on US sales jump
Meanwhile, Suzuki Swift’s sales were down 22.42 percent to 249 units from 321 units last year. Sale of Suzuki Cultus declined to 177 cars against 661 units recorded last year while Suzuki WagonR was down to 245 units from 282.
At the same time, Suzuki Alto’s sales also witnessed a sharp decline of 68.81pc from 4,618 units to 1,440 units, whereas the sale of Suzuki Bolan decreased to 146 units as opposed to sales of 353 units in the same month of last year.
