Pakistan's luxury import bill hits record high

Pakistan's import bill has surged significantly in the past ten months, with a notable increase in the import of luxury items such as smart mobile phones, cars, and certain food items.

According to the Bureau of Statistics, the country imported food items worth a staggering Rs1932 billion, mobile phones worth Rs414 billion, and tea worth Rs 155 billion during this period.

The import of smart mobile phones saw a remarkable increase of over 209%, with imports worth $1.462 billion from July to April, compared to $473.2 million in the same period last year.

Similarly, car imports skyrocketed by 255% to $207.5 million, with parts worth $597.7 million also imported for local assembly.

In terms of food items, wheat imports stood at $1.316 billion, while tea imports reached $547.4 million. Other imported food items included spices, dry fruits, sugar, pulses, dairy products, soybean oil, palm oil, milk, butter, and cream.

This surge in imports has raised concerns about the country's trade deficit and its impact on the economy. While the demand for luxury items continues to rise, experts warn that it may come at the cost of Pakistan's economic stability.