Cairo – Mubasher: Prices of European cars in Egypt are likely to ease by 10% in January as cars imported from Europe became exempt from customs duties, an automotive market expert said.
Prices of used cars are also expected to decrease, Mohammed Shatta said in an interview on DMC TV.
Some companies have already announced the new prices with new discounts, Shatta stressed.
For his part, automotive insider Magdy Abdel Aziz said that the prices of seven car segments have been reduced by 70%, while the latest cut stood at 30% before the customs-duty exemption on imported European cars.
The Egyptian Customs Authority had announced that customs duties on imported cars from the European Union (EU) fell to 0% under a trade agreement with the bloc.
Moreover, customs duties imposed on goods registered in list “4” will rise to 90% in accordance to Egypt's Free Trade Agreement with Turkey, the authority added.
