Surge in Egypt’s Private Car Imports Hits $209.8M in August 2023
The Central Agency for Public Mobilization and Statistics (CAPMAS) has disclosed a significant increase in the importation of fully assembled private cars in Egypt for August 2023, marking a surge in the automotive sector’s import activities.
The data indicates a substantial influx of private vehicles amounting to approximately $209.8 million for the month, which sharply contrasts with the $93.5 million recorded during the same month of the previous year, showcasing an increase of 124.4%.
Concurrently, the CAPMAS report noted a downturn in the import of auto spare parts, registering a dip of 8.9% in August compared to the same period in 2022. The figures fell from $56.8 million to $51.7 million, reflecting a $5.1 million disparity.
Overall, Egypt’s total imports for August experienced a downturn, with figures showing a descent to $7.24 billion from $8.42 billion in August 2022, marking a 15.9% decrease.
The report also highlighted a 3.2% reduction in the importation of goods transport vehicles, tallying at $16.3 million in the reported month against $24.2 million in August of the previous year, a $7.9 million valuation drop.
In contrast, the sector of external tires and inner tubes for transport vehicles saw a marked rise of 41.5%, climbing to $53.5 million compared to $37.8 million in the preceding year, showing an increase of nearly $15.7 million.
Tractor imports, however, showed a stark decline of approximately 81% in August, with imports totaling $21 million, which is down from $11.6 million during the same month in 2022, showing a $9.4 million decrease.
The Automotive Market Information Council (AMIC) estimated the sales in the Egyptian car market during the first nine months of the current year to be around 61,033 vehicles, a significant downturn from the 159.8 thousand vehicles sold in the same period in 2022, indicating a decline of roughly 61.8%.
The sales of privately owned cars dropped by about 61%, with sales figures at approximately 45.9 thousand vehicles, a fall from 117.04 thousand cars sold in the previous year. Furthermore, bus sales plummeted to 5.7 thousand from 13.2 thousand buses in 2022, a 56.6% decline.
Truck sales also saw a significant reduction, with just over 9.3 thousand trucks sold, as opposed to 26.6 thousand units in the prior comparison period, denoting a decrease of 68%.ith growth in certain areas and declines in others, signaling shifting dynamics in consumer behavior and market demands.
