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Passenger car sales in Pakistan drop by over 70 pct in March
Last Updated: 2020-04-11 21:36 | Xinhua
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The sales of passenger cars in March 2020 dropped by over 70 percent in Pakistan on year-on-year basis amid COVID-19 lockdown in the country, local media reported on Saturday.

Quoting a report by the Pakistan Automotive Manufacturers Association, local media reported that only 5,796 units of passenger cars were sold last month from 19,897 units sold during the same period last year.

The overall passenger car sales in the first nine months of the fiscal year 2019-2020 (July-March) also dropped by over 46 percent to 85,330 units from 160,359 units in same period of the last fiscal year, according to local media.

The sales of the car variants of 1,300 cc and above of Indus Motor, one of the major automotive group in the country, dropped by 59.2 percent to 3,498 units in March as compared with 8,576 units sold during the same month in the previous year, local media reports said.

The automobile sector of Pakistan was already on a downward trajectory since the beginning of the current fiscal year due to multiple factors including high interest rates, rise in prices of cars owing to devaluation of local currency against U.S. dollar, imposition of additional custom duty, and the COVID-19 lockdown has further aggravated the situation.

Pakistan registered its first COVID-19 patient in the last week of February and a lockdown was imposed in most parts of the country after a spike in positive cases was witnessed in the country. The government also directed the automobile manufacturers to close the plants and halt production to avoid spread of the disease in employees on March 23.

The lockdown has affected almost all segments of the society and consequently a decline was noticed in all businesses including the automobile sector.

According to a recent report of the Asian Development Bank, the country's economic growth is feared to slow to 2.6 percent due to the impact of the COVID-19 and other factors.

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