The Association of Car Importers in Lebanon (denoted as AIA) stated in its recent automotive report that “The continuous Downfall of New Cars Registered in Lebanon since 2018 to reach in the 1st of quarter of 2022 a dramatic drop of 83% %. This will lead to the closing down of a number of companies and is causing the licensing of a large number of their employees and workers”.
For the month of April 2022 alone, number of sold cars recorded a total of 1,702 compared to 373 cars in April 2021. However, we may witness a further increase of car sales in the near future amid the potential governmental decision to calculate customs fees at the Sayrafa rate once the budget is approved by the parliament.
In details, during the month of April 2022, Passengers cars were distributed as follows: Japanese cars took the highest share of 55.04%, Korean cars accounted for 21%, and European Cars came third measuring 12.40% of the total.
Overall, the cars sector in Lebanon is still suffering due to the continuous devaluation of the national currency against the dollar followed by the severe drop in purchasing power and income of individuals.
Growth of Registered Passengers Cars by April 2022