Passenger car sales dropped by close to 40% year-on-year (YoY), with bus and truck sales also falling by a third
Auto sales saw a significant decline in 2022 as import restrictions kept cars and spare parts in local ports; total sales volume fell by more than a third last year to record around 184k in 2022 compared to 2021’s 290k vehicles, revealed the latest data by the Automotive Marketing Information Council (AMIC).
Passenger car sales dropped by close to 40% year-on-year (YoY), with bus and truck sales also falling by a third.
Vehicle sales maintained a steady decline in most of 2022 due to import restrictions to conserve hard currency that made it difficult to bring in fully built-up vehicles, assembly kits, and spare parts into the country.
Restrictions also caused several international car manufacturers to stop sales to Egypt.
Related > Lifting Restrictions on Imports | Egypt’s central bank cancels working with Letter of Credit system
The government recently announced that its backlog of stuck imports has been cleared after an accelerated program to push goods out.
On a monthly basis, December sales were down by 73% YoY, with around 7.9k vehicles sold compared to 29.3k in December 2021. Passenger cars saw a slight uptick, its first since June, but were still down 75% YoY. Bus sales dropped 49% YoY with trucks falling 77% compared to December 2021.
AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.