Pakistan’s Mobile Phone Imports Hit Record High of Rs. 37 Billion in September

Pakistan’s mobile phone imports surged to a record high of Rs. 37 billion in September 2023, marking a 175% increase from the same month last year.

In a surprising turn of events, the Pakistan Bureau of Statistics (PBS) released some eye-popping data this Wednesday about mobile phone imports. Last month, September 2023, saw an astonishing surge in mobile phone imports into Pakistan, amounting to a staggering Rs. 37.1 billion. That’s a jaw-dropping 13.3 percent increase compared to the previous month, August 2023, when imports were at Rs. 32.7 billion. It’s like mobile phones were raining from the sky!

What’s even more mind-boggling is when we look back to the same month in the previous fiscal year (FY24). In September 2022, we imported mobile phones worth a mere Rs. 13.46 billion. Fast forward to 2023, and imports have shot up by over 175 percent. It’s like a rocket launch in the mobile market of Pakistan.

• According to a report by the Pakistan Mobile Phone Manufacturers Association (PMPMA), smartphone shipments to Pakistan grew by 76% in the first two months of FY24 compared to the same period last year.
• The PMPMA report also revealed that the average price of a smartphone in Pakistan increased by 13% in the first two months of FY24 compared to the same period last year.
• According to a report by the Pakistan Telecommunication Authority (PTA), there were over 200 million active mobile phone connections in Pakistan as of June 2023.
• The PTA report also revealed that the mobile phone penetration rate in Pakistan stood at 92% as of June 2023.

Now, if we switch to foreign currency terms, in September 2023, the imports added up to a hefty $124.51 million. That’s a decent 12 percent rise compared to August 2023, when the figure was at $111.34 million. But wait, the real surprise is when you see that in September 2022, we only spent $58.407 million on imports. That’s an incredible 113 percent increase in just one year!

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Zooming out a bit, the total expenditure on mobile phone imports during the first three months of FY24 (July–September) amounted to a significant $304 million. It’s like the mobile market is turning into a treasure chest!

Pakistan’s mobile phone industry is on an exciting rollercoaster ride. In comparison to the same period in FY23, the industry has witnessed an impressive 89 percent increase. It’s like a car speeding down a highway, overtaking everyone else.

So, why this sudden obsession with mobile phones in Pakistan? Well, it’s all about modern communication and staying connected. People in Pakistan are craving the latest tech, and their thirst for connectivity is unquenchable. This trend suggests that we’re on the brink of something big in the mobile technology sector. It’s like a phoenix rising from the ashes!

Moving on to FY24, the data for the first quarter, spanning from July to September 2023, shows a phenomenal leap. We imported mobile phones worth a colossal Rs. 88.95 billion during this period. It’s like a financial jackpot, compared to Rs. 35.9 billion in the same timeframe of FY23.

In dollar terms, September 2023 imports stood at $124.51 million, up 12 percent compared to August 2023’s $111.34 million and a staggering 113 percent increase compared to September 2022’s $58.407 million. It’s like finding a hidden treasure!

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For the whole July-September period of FY24, imports added up to $304 million. That’s an 89 percent surge compared to the same period in FY23, which stood at $160.2 million. It’s like a money tree just sprouted up!

The surge in mobile phone imports is a direct response to the growing demand for advanced communication technology and the increasing connectivity needs of the Pakistani people. It’s like the whole country is waking up to a digital revolution. With this exponential growth, Pakistan’s mobile market is gearing up for a thrilling journey in the coming years.

ORIGINAL ARTICLE HERE: https://myelectricsparks.com/pakistans-mobile-phone-imports-hit-record-high-of-rs-37-billion-in-september/