Mobile phone manufacturing up 168pc in 5MCY24

Business Jun, 21 2024
Mobile phone manufacturing up 168pc in 5MCY24
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KARACHI: Number of mobile phones manufactured and assembled in Pakistan clocked in at 13.1 million units in first five months of calendar year (5CY24), whopping increase of 168 percent when compared with same period of previous year, said brokerage house Topline Securities, citing data by Pakistan Telecommunication Authority (PTA).

As per latest data, local mobile companies have manufactured/assembled 2.23 million units in May 2024, an increase of over 55 percent as compared to numbers achieved in May 2023. "This improvement is mainly led by import restrictions last year coupled with gradual economic recovery," said Topline Securities. As per brokerage house, Pakistan now fulfils 95 percent of its mobile phone demand through local manufacturing/assembly, compared to last five-year (2019-2023) average of 67 percent and 8-year (2016-2023) average of 47 percent. "As per channel check, all mobile brands except iPhones are now being manufactured/assembled in Pakistan," said Topline Securities. As per brokerage house, Pakistan has undergone significant shift from imported mobile phones to local manufacturing and assembly in recent years. "This transformation followed government's announcement of local mobile manufacturing policy in 2020 aimed at encouraging international mobile players to establish assembly plants in Pakistan. "Shift towards locally manufactured/assembled mobile phones is also driven by their affordability, offering price gap of 15-20 percent compared to imported mobile phones of same build quality," said Topline.Brokerage house was of view that based on current monthly run rate and recent imposition of an 18 percent Sales Tax on all mobile phones in Budget FY25, total mobile phone demand may reach 30- 35 million units in 2024 against 22.9 million units sold in 2023.

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