Automotive sales in Egypt expected to drop by 30% late-2016

Egyptian annual automotive sales are expected to drop from 275,000 to 200,000 vehicles -i.e. 30 percent- by the end of 2016 due to the decline in importing volume and dollar prices crisis.

Chairman of Automotives Division at Giza Chamber of Commerce, Omar Balbaa told Amwal Al Ghad Wednesday that imports of automotives declined by 33 percent in the first quarter of 2016.

He clarified that this drop is due to the lack of dollar liquidity necessary for importing processes.

The official noted that the volume of imported automotives by the beginning of 2016 ranged between 10,000-15,000 automotives.

Balbaa noted that the rise in dollar prices led autos prices to hike by 10-15 percent whether the locally-assembled or the imported ones.