By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Bullish dollar softens demand for car imports
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > News > Bullish dollar softens demand for car imports
News

Bullish dollar softens demand for car imports

hallanaija
Last updated: July 6, 2023 12:24 pm
hallanaija
2 years ago
Share
car importers
Second-hand motor vehicles at Eyre Motors yard in Mombasa County.
SHARE

Cars imported into the country dropped by three percent to 63,990 units in the first quarter to March 2023, as Kenyans battled dollar-driven price increases due to a weakening shilling.

Despite a drop in the units, the value of cars increased by Sh700 million on costlier imports.

Official data from the Kenya National Bureau of Statistics (KNBS) shows that 63,990 units were imported between January to March compared to 65,801 units in a similar quarter last year even as the value grew by four percent to Sh19.08 billion from Sh18.3 billion.

The drop came at a time the shilling plunged to 127.08 units to the dollar in March from 123.1 in December last year, reflecting a drop of 3.2 percent and setting the stage for increased costs of the imports.

The rise in value signals the pricey units that have hit even low-end second-hand cars whose demand had been growing over the years notably for the ride-hailing services, hitting demand as potential buyers grapple with depressed spending power.

car imports
Second-hand motor vehicles at Eyre Motors yard in Mombasa County.

Dealers hold that the car-selling business is struggling with depressed orders and sales which in turn affect importation given the popularity of second-hand cars in Kenya.

READ MORE  Mysterious red marks seen on Trump's hand (photos)

“Orders have significantly gone down and shipping is now a problem because ships carrying vehicles are taking longer time to fill and some are opting for connecting destinations in order to fill slots,” Antony Aleri, an executive at CarMax East Africa said.

“In the past, the number plate series changed every two-three months but now it is even taking five months.”

Registration for the Sakaja Super Cup II is Now Open
Elon Musk now paying Twitter users with blue ticks with one popular account already paid $100,000
Bitok Vows Sustained War On Passport Brokers, To Clear Backlog In 2 Weeks
Maj-Gen Kiugu, the head of the military, quits after 36 years of service
‘A pack of lies.’- Israeli Prime Minister Netanyahu denies starving civilians in Gaza as a method of war
Share This Article
Facebook Email Print
Previous Article KQ Kenya Airways(KQ) battles flight disruptions on bad weather
Next Article Kindiki Kindiki set to install Turkana’s first deputy county commissioner
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Watchman arrested for defilement of 4-year-old girl waiting for mum at school
  • Man beaten by locals, car torched over livestock theft in Uasin Gishu
  • Saba Saba: Nanyuki family seeks justice after daughter dies in police custody
  • Kisumu: Investigations after man hacked to death in suspected love triangle
  • Governor Wanga: CoB Nyakang’o is competent but overstepping her mandate

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?