The dollar causes a crisis in the most important sectors of Egypt

Official data showed that Egypt’s car imports fell to about $82.710 million in August last year, compared to $295.535 million in August last year.

Egypt’s car market is in a major crisis due to the shortage of the dollar, which has prompted some companies and agents to prefer to return the booking service provider plus 18% per annum to the bookmakers, which caused a large number of bookers to the Consumer. Agency protection and file claims.

Data from the Central Agency for Public Mobilization and Statistics revealed a decline in Egypt’s passenger car imports between January and the end of June this year by more than about $700 million.

The data tracks a decline in Egypt’s passenger car imports to around $1.172 billion in the first half of this year, compared to around $1.904 billion in the same period last year, representing a decline of $732 million, recording a decline of 38.4%.

Due to the development of Egypt’s car imports, there have been large fluctuations: in June last year, imports were about $75.238 million compared to about $316.575 million in the same month in 2021, i.e. a decrease of $241.337 million, a decrease of about 76 .2%.

In terms of sales, the Egyptian Automobile Market Information Council (AMIC) reported that car sales fell by more than half year-on-year during August, with the market continuing to suffer from import restrictions. Passenger car sales fell nearly 53% year-on-year last month to just 8,700 units.

Sales of buses and trucks fell again, with about 1,000 buses sold in August, down more than 47% from the same period last year. Truck sales fell 14% year on year to 3.7 thousand units. Total car sales fell by 45% compared to last year and amounted to 13.4 thousand units.

The auto industry is still tough. Since the dollar shortage crisis has caused a significant decline in car sales in the Egyptian market. According to data released by the Automotive Market Information Council “AMIC”, total auto market sales in the first half of 2022 stood at 122,318 units, down 11.56% year on year.

Source: agencies