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Slight uptick in passenger car sales reported during November 2022

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2 years ago

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  • Increase was of 39% on month-on-month basis.
  • Car sales decreased by 39% in first five months of FY23 
  • Further improvement expected in coming months after increase in issuance of LCs.

KARACHI: Passenger cars saw a slight uptick in sales during November 2022 compared with the data of the same month of 2021, reported The News on Tuesday citing data from the Pakistan Automotive Manufacturers Association (PAMA).

In percentage terms, the increase was 39% on a month-on-month basis, with analysts foreseeing a further improvement in the coming months due to the improved availability of raw materials for the car manufacturers after an increase in the issuance of letters of credit.

However, apart from the Suzuki Alto, sales of all other variants of cars, trucks, buses, tractors, jeeps, pick-ups, and three-wheelers as well as two-wheelers saw a decline in November 2022 compared with November 2021.

On the other hand, car sales decreased by 39% in the first five months of FY23 to 55,144 units against 90,303 units sold in the same period last year.

The data released by PAMA, passenger car sales increased by 0.60% or 93 units to 15,444 units in November 22 compared with 15,351 units sold during the same month last year. November 2022 sales increased by 39% or 4,315 units compared with 11,129 units sold in October 2022.

During this period, sales of 1300cc and above cars were recorded at 5,831 units, down 28% compared with the same period last year, when 8,102 units were sold. In November 2022, 1000cc cars recorded sales of 1,854 units, (1,136 units of Suzuki Cultus and 718 units of Suzuki WagonR) against 3,641 units in the same month last year.

Below 1000cc vehicles recorded a sale of 7,759 units, higher by 115% or 4,150 units against 3,609 units last year. Suzuki’s new Alto saw remarkable sales of 7,255 units, up by 282% to last year’s sales of 2,420 units.

Meanwhile, buses and trucks witnessed a decrease to 342 units in November 22 from 532 units in November 2021. The sale of jeeps and pick-ups went down to 2,947 units from 3,363 units sold during the same period last year.

On the other hand, sales of tractors dropped to 1,240 units from 4,617 units during November last year. The sale of rickshaws and motorbikes decreased to 110,529 units in November 2022 against 166,731 units in the same period last year.

According to a report of Topline Securities, Pakistan’s overall car sales were around 20,000 units, up 35% month-on-month, primarily due to the availability of CKD parts which led to higher production in November 2022 as compared to October 2022.

Pak Suzuki reported an increase of 55% month-on-month to 12,400 units in November 2022 followed by Honda Car’s increase of 38% month-on-month to 1,973 units in November 2022.

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Business

In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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1 week ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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