This recovery comes after a downturn in January, marking the lowest point in the past 10 months.
Egypt's automotive sales increased by 20% in February, reaching the number of sold cars to 7400 units on a monthly basis, according to data released by the Automotive Marketing Information Council (AMIC).
This recovery comes after a downturn in January, marking the lowest point in the past 10 months.
This rebound came due to a 22% increase on a monthly basis in passenger car sales, to record 5852 sold units. Additionally, Truck sales also grew by about 9%, reaching 1,026 sold units.
In contrast, bus sales remained almost unchanged, falling from less than 1% on a monthly basis to record 519 sold units.
Egypt's automotive industry witnessed a 22% year-on-year increase in car sales, driven by a 38% annual growth in passenger car sales.
However, during the same period, the sales of buses experienced a decline of 32%, while truck sales saw a decrease of 2% year-on-year.
Earlier in March, Minister of Finance, Mohamed Maait, announced that 25,000 cars have been released as part of the car import initiative.
Minister Maait also revealed that 250,000 import approvals have been issued, valid for five years.
Egypt's imports of passenger cars rose to $214.8 million in December 2023, up from $160.7 million in December 2022, an increase of about $54.8 million, revealed the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS) in March.
