Posted on: Saturday, May 13, 2023 – 5:15 PM | Last update: Saturday 13 May 2023 – 5:15 PM
• Report: European imported vehicles decline by 91%, Korean by 90%, and Chinese by 66%
Egyptian imports of Japanese cars fell during the first quarter of 2023 by 69%, to reach 5,663 cars, compared to 17,972 Japanese cars imported during the same period of 2022, according to the data of the Automotive Market Information Council (AMIC), of which “Money and Works – Al-Shorouk” obtained a copy. .
According to the report, imported cars from Europe declined by 91% during the same period, to reach 1,265 cars, compared to 13,709 cars in the same period last year.
Imported cars from South Korea also declined during the first 3 months of 2023, by 90%, to reach 940 vehicles, compared to 8,996 vehicles in 2022, according to the AMIC report.
The report pointed out that imported cars from the United States of America declined by 84% to reach 317 cars, compared to 2033 cars during the same quarter.
The report indicated that Egypt did not import any cars from India during the months of January, February and March, as it is mentioned that approximately 760 Indian cars were imported in the same period of 2022.
While the number of Chinese cars imported into Egypt decreased by 66% during the first quarter, to reach 4,145 cars, compared to 12,062 cars in 2022.
The AMIC report had revealed that the total cars that were traded in the Egyptian market (imported and assembled locally) during the past January and February, had fallen by 75% to reach 11,455 cars compared to 46,778 vehicles, a decline of more than 35,000 cars.
Last year, the car market in Egypt suffered from the consequences of the crisis of stopping global production, and stopping imports locally due to the difficulty of obtaining foreign currency.
The volume of passenger car sales in Egypt decreased in 2022, by 38%, to record 133,857 thousand cars, compared to 215,072 thousand cars in 2021, according to AMIC.
There are many car factories in Egypt, whether for local companies or belonging to the parent companies, including «Nissan Sunny, Nissan Sentra, Toyota Fortuner, Kia Sorento, MG5, BYD3, Lada Granta, Hyundai Elantra HD, Hyundai Accent RB, and Chery. Tiggo, Chery Arrizo, Chery Tiggo.
The government hopes to boost the auto sector in Egypt; In 2018, it issued a decision that the percentage of locally manufactured components in cars assembled in Egypt should not be less than 46%.
And at the end of October 2022, President Abdel Fattah El-Sisi issued Law No. 161 of the same year, regarding granting some facilities for the import of cars for Egyptians residing abroad.
The law came in response to the demands of many Egyptians residing abroad, whereby every Egyptian with a valid residency abroad is granted the right to import one private passenger car, not more than three years old from the year of manufacture, exempt from all customs, taxes and fees that had to be paid for release. About the car, including value-added tax and table tax.
This is done in exchange for paying a cash amount in foreign currency, on which no return is due, transferred from abroad to the account of the Ministry of Finance on one of the bank accounts, equal to the value of all taxes and fees that had to be paid to release the car, and this amount is recovered after five years have passed from the date of payment in the same The value in the local consideration of the foreign currency with which it was paid, and at the exchange rate announced by the Central Bank at the time of redemption.