According to the data revealed by “Rasamny Younis Motor sal”, Lebanese car market deteriorated remarkably by 51.7% by April 2023. In fact, on a monthly basis, 822 cars were sold in the month of April 2023 compared to 1,702 in April 2022.
In more details, during the month of April 2023, cars were distributed as follows: Japanese cars took the highest share of 46%, European cars accounted for 26%, and American Cars grasped 13% of the total. Noting that the leading sellers of vehicles in Lebanon are Toyota, Nissan and Chevrolet, with number of vehicles sold in the month of April alone totaled 166, 90, and 76 respectively, out of 822 sold cars.
In April, the automobile industry experienced a significant decline due to a notable increase in Lebanon’s customs taxes, fees, and duties for imported goods. The calculation of customs taxes now stands at 60,000 Lebanese pounds per dollar, which is four times higher than the previous rate of 15,000 pounds per dollar. It is worth mentioning that just four months ago, customs taxes were raised to 15,000 pounds per dollar alongside a decision by the central bank to raise Lebanon’s longstanding official exchange rate, which was fixed at 1,500 pounds per dollar.
Growth of Registered Passengers Cars by April 2023
Source: Rasamny Younis Motor sal, BLOMINVEST Bank