Passenger car imports drop 53.4% y-o-y during 1Q17

In case you needed any more evidence the auto market is in a rut, passenger car imports declined 53.4% year-on-year in spending terms to USD 329.2 mn in 1Q2017, down from USD 707.8 mn during the same period last year, according to CAPMAS statistics picked up by Al Mal. Imports of car components also declined 26% y-o-y to USD 219.7K, while car part exports earned around USD 104 mn for the period. Passenger car exports during the quarter reeled in a measly USD 30 mn.