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Pakistan spends Rs217b on import of mobile phones in FY20

Pakistan spends Rs217b on import of mobile phones in FY20

ISLAMABAD: Pakistan has spent Rs217 billion on import of mobile phones during fiscal year 2019/2020 amid slow economy and outbreak of coronavirus pandemic.

The import of mobile phones was Rs217 billion during fiscal year 2019/2020 as compared with Rs102.75 billion in the preceding fiscal year, showing 81 percent growth, according to data released by Pakistan Bureau of Statistics (PBS).

Market sources said that reduction in duty and taxes and restriction of registration with the Pakistan Telecommunication Authority (PTA) has increased the import of mobile phones through legal channels.

The import of mobile phones in terms of US Dollars also increased to $1.4 billion during the fiscal year under review as compared with $755.55 million in the preceding fiscal year.

Despite imposition of lockdown in the country to prevent coronavirus, the country imported mobile phones worth Rs38.2 billion in June 2020, which is 115 percent higher when compared with Rs17.78 billion in May 2020.

The market sources said that due to lockdown the importance of digital economy had increased. They said that financial transactions were being done through mobile phones, which were the easiest way.