Auto sales were down by more than half in August compared with the same month a year before as the market continues to struggle with barriers to import. Passenger car sales dropped nearly 53% y-o-y last month to just 8.7k vehicles, according to figures provided by the Automotive Information Council (AMIC).

Buses and trucks were no exception: Around 1k buses were sold in August — down more than 47% y-o-y. Truck sales saw a near 14% y-o-y drop to around 3.7k units. Total vehicle sales dropped 45% y-o-y to 13.4k units.

ICYMI- It’s been tough terrain for the auto sector. Passenger vehicle sales also halved y-o-y in July, extending months of steep declines. The market has been hit by rules requiring importers to get letters of credit (L/Cs) that limited imports to a handful of essential goods, leaving new cars and car parts stranded at ports and pushing a number of global car manufacturers to suspend sales here.

The sector is hoping its luck will soon turn: The blockbuster economic conference we’re expecting at some point this month could include steps to resolve import challenges, President Abdel Fattah El Sisi said last week. Meanwhile, the government’s automotive committee held its first meeting last week, suggesting we could soon get more details on the automotive strategy that aims to increase local assembly and reduce the sector’s reliance on imported parts and cars.