Egypt’s car sales up 10% in January

Egypt’s car sales increased to 13,873 units in January 2020, compared to 11,467 units in January 2019, a growth of 20.98%, according to the Automotive Market Information Council (AMIC).

It can be seen as a good year start for the car market similar to the previous year, supported by price cuts that affected all brands.

The beginning of 2019 witnessed the full application of the EU-Egypt Association Agreement which removed tariffs on European origin cars so their price declined. A similar scenario occurred this year, as car prices fell due to the depreciation of the US dollar against the local currency and the full application of the Egypt-Turkey Free Trade Agreement which stated that tariffs between the two countries will be phased out to zero by 2020. This situation affected the prices of all cars, not only Turkish origin brands.