ISLAMABAD, Feb. 11 (Xinhua) -- The auto manufacturing companies operating in Pakistan witnessed their bottom-line shrinking by 3.2 percent during the first seven months of the fiscal year of 2018-19.
The Pakistan Automotive Manufacturers Association (PAMA) announced on Monday that Pakistan's auto sales shrank by 3.2 percent to 142,980 units during the seven-month period of 2018-19 when compared with sales of 147,700 units reported during the identical period of the last year.
The Pakistan Automotive Manufacturers Association, which releases the periodic data about Pakistan's auto sector sales, said that Pakistan's auto sales slowed down by 4.45 percent in Jan. 2019 to 22,513 units as against sales of 23,562 units recorded in the same month of the last year. However, the auto sales expanded by 15.91 percent to 22,513 units in Jan. 2019 when compared with sales of 19,423 units registered in Dec. 2018.
The country's auto sector experts told Xinhua on Monday that the major monthly increase of 15.91 percent in Jan. 2019 was primarily due to the seasonal factors. They further stated that the anticipated price hike due to five percent devaluation in Pakistani rupees against the U.S. dollar during Nov. and Dec. 2018 might have also incentivized the purchase of cars in the country.
They pointed out that despite the government's supportive measures in the recently-announced economic reforms package, the country's auto sectors sales are expected to slow down largely due to a deteriorating economy as well as multiple price hikes in the past 14 months.
Indus Motor Company and Honda Atlas Cars continued to post positive sales figures in Jan. 2019, but Pak-Suzuki Motors Company saw its sales contracting appreciably.