Egypt's sold cars hits 7,400 unit in February 2024

Egypt experienced a 20 percent increase in automotive sales in February. This resulted in a total of 7,400 cars being sold on a monthly basis, according to data released by the Automotive Marketing Information Council (AMIC),

 

This recovery follows a period of decline in January, which marked the lowest point in the past 10 months.

 

The rebound in sales was primarily driven by a 22 percent monthly increase in passenger car sales, with a total of 5,852 units sold. Truck sales also saw growth, increasing by approximately 9 percent to reach 1,026 units.

 

 On the other hand, bus sales remained relatively stable, with a slight decrease of less than 1 percent on a monthly basis, resulting in 519 units sold.

 

In terms of year-on-year performance, Egypt's automotive industry witnessed a 22 percent increase in car sales, largely influenced by a 38 percent annual growth in passenger car sales. 

 

However, bus sales experienced a decline of 32 percent during the same period, while truck sales saw a 2 percent decrease.

 

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.