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FINANCIAL NEWS
UAE’s 2010 auto market up by 19.7% to USD11.1b
07 Aug 2011
(MENAFN) The UAE’s Ministry of Foreign Trade said that last year, the country’s car market expanded by 19.7 percent reaching USD11.1 billion compared with USD9.2 billion in the previous year, reported Arabian Business.
The ministry added that imports of cars were mainly from Japan that represented around 46 percent of imported vehicles, nevertheless, the number would be forecasted to decline due to the March earthquake and tsunami that hit the country.
It also said that the country’s trade in small passenger and luxury cars rose by 24.4 percent reaching USD10.6 billion; moreover, over the coming four years, the UAE’s car sales sector would be expected to grow by 8 percent on yearly basis.
It is worth noting that in 2011, car sales in the UAE will be expected to grow slowly as a result of tougher lending rules imposed by the country.
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