64% grey vehicles imported | The Express Tribune
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ISLAMABAD: The auto industry has complained that the import of vehicles by grey market has been on a constant rise, which has hurt the business of local manufacturers and distributors. It says the import of vehicles by official distributors and companies stands very low as they are facing restrictions on opening Letters of Credit (LCs) due to dollar crunch in the country. Pakistan Automotive Manufacturers Association, in a recent letter to the State Bank of Pakistan, pointed out that LC curbs had choked the import of all completely knocked down (CKD) components and auto parts. However, officials of the auto industry argued that the grey market had continued to hit the legal industry as the share of those vehicles reached 64% out of the total vehicles imported in the last fiscal year. They remarked that most of the industries failed to generate green and positive numbers due to mismanagement and the auto sector was no different. While the domestic auto sector was in d