Mansoor Sadiq

Tractor sales declined 49% to 18,249 units in the first eight months (July-February) of the ongoing fiscal year 2022-23 from 35,952 units sold over the same period of last fiscal, according to the statistics provided by All Pakistan Auto Manufacturers Association (APAMA), reports WealthPK. As per APAMA statistics, year-on-year, only 3,330 tractor units were sold in February 2023, showing a decline of 26% from sales of 4,507 units in February 2022.

Month-on-month, tractor sales declined 2% as unit sales dropped from 3,406 in January 2023 to 3,330 in February 2023. As per statistics, Millat Tractors Limited sold a total 11,106 units during 8MFY23, which was less than 51% compared to 22,775 units sold over the corresponding period of FY22. Similarly, Al-Ghazi Tractors Limited sold a total of 7,143 units in 8MFY23, down 46% from 13,177 units sold across the country in 8MFY22.

The two major tractor manufacturers in the country – Millat Tractors and Al-Ghazi Tractors – witnessed a tough year in terms of sales due to the devastating floods in 2022, which inundated large swathes of agriculture land in Sindh, Balochistan, Khyber Pakhtunkhwa and Punjab provinces, eroding the purchasing power of farmers due to massive losses they suffered in terms of crop losses. The two leading tractor makers also have to either shut their production units or scale down production owing to import restrictions, causing a shortage of raw material.

Credit: Independent News Pakistan-WealthPk