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
Unusually intense heatwave hit Central Asia in March, may impact crop yields
Central Asia experienced an unusually intense heatwave in March that could have an impact on agricultural crop yields, according to an April 4 ... more
Russia’s expulsions of migrants reportedly nearly double in 2024 to around 80,000
Russia in 2024 expelled more than 80,000 migrants for immigration rule violations, compared to 44,200 in 2023 and 26,600 in 2022, TASS reported on January 8. The Russian state news agency cited a ... more
Kazakhstan’s transit of Russian oil to Uzbekistan and China amounts to 10.2mn tonnes in 2024
Russia’s transit of oil through Kazakhstan’s pipeline system, operated by main pipeline operator KazTransOil, to China and Uzbekistan totalled 10.21mn tonnes in 2024, ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
17 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago