Recent data has revealed that Egypt’s car imports experienced an upward trajectory for the second consecutive month in June.
Based on figures released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s car import value reached approximately $129.353 million in June. This is a significant increase from the roughly $99.662 million recorded in June of the previous year, marking an uptick of around $29.691 million or a 29.7% growth.
Car imports began to rise in May, totaling approximately $169.399 million. This is in comparison to the $123.126 million from the same period in the prior year, representing a jump of $46.273 million or a 37.5% increase.
Last year, Egypt’s car imports closed with a decline surpassing $1.5 billion. Specifically, Egypt’s passenger car imports fell to $1.915 billion, compared to around $3.664 billion in 2021, indicating a decrease of $1.749 billion or a 47.7% drop.
In a related context, data from the Egyptian Compulsory Vehicle Insurance Association highlighted an increase in the number of vehicles that were both insured and licensed as “zero mileage” in August. This amounted to roughly 26,673 diverse vehicles ranging from private cars, motorcycles to transport vehicles.
The report pointed out that actual market sales are on the rise compared to the previous month, registering 18,586 varied vehicles. It detailed that insurance documents were issued for 1,748 vehicles from the 2020 model, 2,949 from the 2021 model, 8,076 from the 2022 model, 11,003 from the 2023 model, and 2,877 from the 2024 model.
Furthermore, CAPMAS disclosed that the trade deficit value stood at $2.32 billion in June, compared to $4.43 billion in the same month of the previous year, marking a decline rate of around 47.7%. This showcases Egypt’s evolving automobile market dynamics and its broader economic landscape.
