Uzbek car exports to Kazakhstan fall by 62% in Jan-Oct

By bne IntelliNews November 17, 2015

GM Uzbekistan’s car sales fell by 62.2% y/y to 3,249 units in Kazakhstan in January-October, according to the Association of Kazakh Auto Businesses. At the same time, the sales of GM Uzbekistan cars jumped by 26.3% m/m to 664 units in October.

The increase in the sales of Uzbek-made cars in Kazakhstan in October is explained by a sharp devaluation of the tenge since August 20 when the authorities allowed the Kazakh currency to float freely. This decreased the dollar price of Uzbek cars making them competitive compared to similar-priced used cars usually sold for dollars, and cars purchased in Russia.

Total sales of new cars fell by 9.2% m/m and 49% y/y to 7,545 in Kazakhstan in October. The sales fell by 37.72% y/y to 84,560 units in January-October 2015.

In autumn 2014 Russia’s announcement of a free-floating exchange regime for the ruble led to a slump in the value of the Russian currency compared to the tenge, which was pegged to the dollar until August 20. This created a shopping spree among Kazakhs who headed to Russia to snap up bargains from cars to white goods.

The process has somewhat slowed down as the nearly 60% devaluation of the tenge since August evened out car prices in Russia and Kazakhstan.

Related Articles

Kazakh court sentences labour union leader to two years in prison

A court in Kazakhstan on May 16 sentenced a labour union leader at the Oil Construction Company (OCC), Amin Eleusinov, to two years in prison after convicting him of ... more

EBRD lends Kazakhstan $180mn for irrigation systems upgrade

The European Bank of Reconstruction and Development (EBRD) has signed loan agreements worth $180mn at the bank’s annual meeting in Cyprus to support a strategic programme to ... more

Kazakh president mulls ban on beards, cropped trousers in move against religious extremism

Kazakh President Nursultan Nazarbayev raised the issue of banning Islamic attire and beards associated with extremism at a meeting with Kazakhstan’s Spiritual Board of Muslims on April 19, the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss