According to the monthly statistics published by the Automobile Importers Association (AIA), new car sales in Lebanon stood at 356 vehicles during the month of April 2021, compared to 512 vehicles in March noting that they stood at 188 in April of last year. On a cumulative basis, new car sales fell by 63.27% y-o-y to 930 vehicles during the first four months of 2021, down from 2,532 vehicles during that same period last year. The sharp annual drop in the sales of new cars is attributed to foreign currency liquidity squeeze in the banking sector which constrained buyers from withdrawing cash in foreign currencies to meet the new conditions set forth by vehicle dealers who require buyers to settle part of the price in fresh Dollars not to mention the rapid coronavirus outbreak and related lockdown. This annual drop can be explained by the 67.85% drop in the sales of Japanese cars to 253, coupled with some 59.84% contraction in the sales of Korean cars to 204 vehicles and some 62.36% decrease in the sales of European cars to 300 only to name a few. It is worth noting that the number of imported cars via the Beirut Port rose by 1.75% annually during the first quarter of 2021. European cars controlled the lion’s share of new car sales in Lebanon, amassing alone 32.26% of total unit sales up to April 2021, followed by Japanese (27.20%), Korean (21.94%), American (14.73%), and Chinese (3.87%) cars.

The Korean “Kia” brand recorded total unit sales of 135 cars YTD April 2021, enjoying the highest market share of 14.52%, followed by the Japanese “Suzuki” (92 cars <9.89%>) and Japanese “Toyota” (85 cars <9.14%>) brands, only to name a few.