Egypt’s Licensed Vehicles Drop By 8.9% in 2022: CAPMASSource: www.export-egypt.com 6/14/2023, Location: Africa |
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The number of licensed vehicles in Egypt declined by 8.9 percent to 9.9 million at the end of 2022, down from 10.9 million a year earlier, reported the Central Agency for Public Mobilization and Statistics (CAPMAS).
Cairo came in first with the largest number of licensed vehicles, which stood at 2.6 million in 2022, or 25.8 percent of the country's total. Giza ranked second, followed by Alexandria, with close to 2.6 million and 1.3 million vehicles, respectively, CAPMAS added. The number of licensed private cars and taxis reached 5.1 million nationwide in 2022, accounting for 54.9 percent of the total vehicles. About 173,900 buses and 1.3 million trucks were licensed last year, the report stated. Plummeting sector The Egyptian auto market suffered in 2022 due to the shortage in supply resulting from supply chain disruptions and backlogs at ports owing to a dollar crunch. Egypt’s car sales tumbled by 75 percent in the first quarter of 2023, with 18,085 vehicles sold, down from 70,624 in the same quarter last year, according to the Automotive Market Information Council (AMIC). AMIC's earlier report showed that sales had dropped by 36.55 percent to 184,000 in 2022, down from 290,000 in 2021. Egypt launched the car import initiative in October 2022 to attract foreign currency, with a revenue target of $2.5 billion. In April, Minister of Finance Mohamed Maait announced that Egypt had released $23 billion worth of imported goods, merchandise and products from the country’s ports and customs since January. |
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