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FinancialNews


  • 01-11-20

    Lebanon: Car sales decrease severely

    (MENAFN) The dire conditions that Lebanon's economy is going through has strongly impacted car importers in the country, with recent car sales dropping 74 percent within the first nine months of 2020 in comparison to the same period of the previous year.

    The Automobile Importers Association (AIA) have released new data that portray the severe decrease in car sales, that is credited to the foreign currency liquidity pinch in the banking division which limits buyers from extracting cash in U.S. dollars.

    Recent car sales in Lebanon only reached 338 cars in September while in the same month of the previous year it was 1,700 cars.

    The data also demonstrates the subsequent fall in taxes paid by car importer industries that went from USD265 million in 2018 to below USD33 million in 2020.

    AIA stated that they are predicting an even worse decrease in car sales within the following months.

    MENAFN0111202000450000ID1101050348

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