The automotive rebound continues:Vehicle sales rose again in September to reach their highest level in a year, according to figures released yesterday by the Automotive Marketing Information Council (AMIC). Distributors sold almost 9.9k vehicles in September, up almost 23% from August, and the highest monthly figure since September 2022.

In detail: The increase was driven by passenger car sales, which jumped 27% m-o-m and 15% y-o-y to 7,887 units. Bus sales also saw significant growth, rising about 39% to 689 units, while truck sales slightly slid back by about 1%.

But sales remain far below last year’s levels: While this month’s total auto sales figures mark a continued recovery month-on-month, they remain about 13.5% lower than the 11.4k vehicles sold in September 2022. Bus (-62%) and truck (-53%) sales were both down markedly y-o-y. Distributors move 61k units in 9M2023, marking a 61% decrease from the same period last year.

The nation’s car import bill has gone up: The value of passenger vehicles imported to Egypt increased 124% y-o-y to USD 209.8 mn in August, according to state statistics agency Capmas. The state-run statistics agency gives no figures that would allow us to break this figure down and understand how much of that increase in spending on imports comes down to volume versus manufacturer pricing and mix.

The big picture: Distributors and assemblers alike continue to face challenges securing the FX they needs, though the recent uptick in unit sales likely owes to the recent willingness of state-run banks and a handful of others to accept cash deposits of FX and allocate it directly to cover imports.

The caveats: AMIC reflects data contributed by member distributors, who include most (but not all) industry participants.

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