Egypt’s passenger car sales dip 20% y-o-y to 16,400 in September: AMIC
Cairo traffic-Youm7/Archive

CAIRO: Egypt’s passenger cars sales slipped 20 percent year-on-year (y-o-y ) to around 16,400 cars in September, Al Borsa newspaper reported from a monthly bulletin from the Automotive Marketing Information Council (AMIC) showed.

Bus sales also declined 13 percent y-o-y to around 2,500 buses, according to the report.

In August, sales of passenger cars and buses dropped 6 percent and 5 percent y-o-y respectively, totaling 17,389 cars and 2,941 buses, the previous monthly report showed.

Experts attribute the dramatic decline to a sharp slip in hard currency resources, with Egypt’s net international reserves dropping for three consecutive months to hit $16.3 billion at September-end.

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