2023-05-01 04:50:00
Egypt’s economy
Truck sales in Egypt rise by regarding a third in March
Recent official data revealed that car sales continued to decline in the Egyptian market during the month of March, as they declined by 72% on an annual basis, following selling only regarding 6,700 units.
Car imports are directly related to the foreign exchange crisis that the Egyptian government has been facing since March of last year.
And with the continued intervention of the Central Bank of Egypt in the exchange market and the implementation of the managed float policy to reach a flexible exchange rate for the dollar, the dollar exchange rate jumped during 13 months from the level of 15.77 pounds to regarding 30.95 pounds at the present time.
According to data issued by the Egyptian Automotive Market Information Council (AMIC), passenger car sales decreased by 76% on an annual basis to regarding 4,600 cars, bus sales decreased by 63%, and truck sales decreased by 58%.
AMIC figures reflect the data contributed by the member distributors, which include most, but not all, of the distributors in the Egyptian market.
On the positive side, total sales increased marginally on a monthly basis for the second month in a row. Passenger car sales increased nearly 9% from February sales.
Truck sales rose by regarding a third, while bus sales were 17% below February levels. Last March, players in the auto sector were optimistic that 2023 would mark a turning point for the sector, which had been suffering from supply problems for more than a year.
However, the total sales volume decreased by more than a third in 2022, following it became impossible for distributors to import fully-made cars or car assembly supplies and spare parts as a result of import restrictions, which forced a number of international car manufacturers to stop their sales to Egypt.
Data from the Central Agency for Public Mobilization and Statistics in Egypt revealed that Egypt’s car imports ended last year with a decline of more than $1.5 billion in 12 months. Passenger car imports declined to reach $1.915 billion, compared to regarding $3.664 billion in 2021, with a decline of regarding 47.7%.
The data indicated that car imports were the highest in the list of the most important Egyptian imports of durable consumer goods, as the rest of the commodities declined, but with lower values.
In all, the Central Agency for Public Mobilization and Statistics announced that the trade balance deficit recorded regarding $1.93 billion during December 2022, compared to regarding $4.20 billion for the same month of the previous year, with a decline of 54%.
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