Auto sales slump continues in December: Auto sales fell 73% y-o-y in December as import restrictions continued to weigh on the sector. Some 7.9k vehicles were sold during the month, compared to almost 29.3k in December 2021, according to figures released by the Automotive Marketing Information Council (AMIC). This is the lowest since at least the start of 2018, according to our internal trackers.

It was a rough 2022 for the industry: Total sales volumes fell more than a third in 2022, dropping from 290k vehicles in 2021 to 184k last year. Sales of passenger vehicles were down almost 40% y-o-y while bus and truck volumes also fell by a third. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

What’s going on? Car sales fell through most of 2022 thanks to import restrictions that made it practically impossible for distributors to bring fully built up vehicles, assembly kits and spare parts into the country and forced a number of global car manufacturers to suspend sales to Egypt. Sales are expected to pick up later this year after the central bank revoked import restrictions brought in last spring to conserve hard currency.

December in detail: Passenger car sales rose slightly on a monthly basis for the first time since June, but were down 75% y-o-y. Bus sales fell 49% y-o-y and were flat from November, while truck sales were 77% lower compared to December 2021.

Be patient: It will take time for local assemblers to place and receive kit orders and for importers of fully built-up units to be able to pay for their orders — so don’t expect to get your hands on a new car before mid-2023.