Arab Today, arab today uae auto market generates 111b in ’10
Last Updated : GMT 10:32:05
Arab Today, arab today
Arab Today, arab today

UAE auto market generates $11.1b in ’10

Arab Today, arab today

Arab Today, arab today UAE auto market generates $11.1b in ’10

Abu Dhabi - Arabstoday

The UAE automotive market grew by 19.7 per cent in 2010 to $11.1 billion up from $9.2 billion in 2009, a recent study by the Ministry of Foreign Trade, MoFT, shows. The UAE trade in small passenger and luxury cars grew by 24.4 per cent to $10.6 billion in 2010 compared to $8.5 billion in 2009, according to the study which was prepared by researcher Yousef Ziab of MoFT’s Analysis and Trade Information Department.UAE’s exports of vehicles with more than 9 seats went up by 32.4 per cent to $181.7 million up from $137.2 in 2010 while its imports of this category decreased by 48.9 per cent to $312.1 million down from $611.1 million in the previous year.The value of imports of small passenger and luxury cars also grew by 40.8 per cent to $7.3 billion up from $5.2 billion in 2009. 96 per cent of these imports came from ten countries led by Japan, which accounted for 46 per cent of the total value.predicted to grow by around 8 per cent annually over the next four years. It said car sales in the UAE would see a compound annual growth rate (CAGR) of 8 per cent to 2014, while total re-exports are expected to increase at a CAGR of 5 per cent in the same period. The volume of car sales in the UAE in 2010 increased by 10 per cent to $42.4 billion compared to $38.5 in 2009, thanks to the country’s population growth, the rising living standards as well as the GDP per capita, the study says citing a recent report by Business Monitor International. The automotive sector in Dubai’s Jebel Ali Free Zone, or Jafza, comprises of more than 500 companies, including those specialising in car products like tyres and tubes, workshop equipment, batteries, parts and systems, repair and maintenance and accessories. Global auto sales: Japan’s domestic sales of new cars, trucks and buses dropped 37.0 per cent from a year earlier in March, as the devastating earthquake and tsunami on March 11 disrupted domestic production for all automakers and cut off vehicle supplies to dealers, according to the Japan Automobile Dealers Association.The massive quake and tsunami hit auto assembly and parts manufacturing plants in northeastern Japan, causing parts shortages for domestic and some overseas car makers. Toyota was hit the hardest, showing a 46 per cent drop in sales — a decrease that did not include its luxury Lexus brand. Nissan sales skidded 38 per cent, while Honda saw its figures slashed by more than a quarter at 28 per cent.Also, Japan’s core private-sector machinery orders unexpectedly fell 3.3 per cent in April from March, marking the first drop in four months as the quake ravaged supply chains and led to shutting down a large number of factories.In China, car sales rose 6.5 per cent to 1.35 million units in March, recovering from the lowest growth rate in two years in February, according to the official China Association of Automobile Manufacturers (CAAM).That compared with 967,200 units sold in February, which was up 2.6 per cent from a year earlier, according to data provided by CAAM.In South Korea, Kia Motors Corp., the second-largest automaker, set a new quarterly sales record in the first three months of the year amid growing overseas demand for its vehicles. According to data released by Kia Motors, the company sold 565,355 vehicles in the first quarter of 2011, up 20.2 per cent from the same period last year. Hyundai’s global sales grew 9.7 per cent year-on-year in April to 340,647 units. Ssangyong Motor Co., South Korea’s smallest automaker revealed that its sales surged nearly 47 per cent on-year in April on strong exports. Output by South Korea’s five automakers in May rose 10.5 percent from a year earlier on strong overseas shipments.In France, car sales fell 11.2 per cent in April while German automaker Daimler’s sales dropped 25 per cent year on year in November 2010.UAE’s auto imports and exports According to The Global Enabling Trade Report 2010, the United Arab Emirates led the region at a very strong 16th position, ahead of the United Kingdom, Chile, and the United States.The country improved by two positions over the previous year by building on its strengths. Clearance of goods at the border, already efficient in previous years, has become even easier in international comparison (12th). From / Gulf Today

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Arab Today, arab today uae auto market generates 111b in ’10 Arab Today, arab today uae auto market generates 111b in ’10

 



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