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Mobile phone imports in Pakistan increase 98pc

Mobile phone imports in Pakistan increase 98pc

KARACHI: The country has imported mobile phones worth Rs24.7 billion in the month of July 2020, which is almost double than the import value in the same month of the last year, official data revealed.

According to data released by Pakistan Bureau of Statistics (PBS) the import of mobile phone increased by 98 percent as the country imported mobile phone worth Rs12.42 billion in the same month of the last year.

The import value in US dollar term was $148 million in July 2020 as compared with $78.29 million in the corresponding month of the last year, showing an increase of 89 percent.

Market sources attributed the rise in import of mobile phones to huge demand during lockdown and after ease in lockdown due to rising financial transactions through mobile phones.

They also attributed the significant growth in rupee term due to depreciation of local currency. The average exchange rate in July 2020 was at Rs166.76 to the dollar as compared with Rs158.82 to the dollar in July 2019.

Further, the market sources said that the government has provided relief through duty and taxes on import of mobile phones to promote financial inclusion.