UAE auto sales up, new records image

In UAE looks like the auto industry doesn’t feel the crisis.

According to latest reposts from the Ministry of Foreign Trade the UAE automotive market grew by 19.7 per cent in 2010 to $11.1 billion (Dh40.7 billion) up from $9.2 billion (Dh33.7 billion) in 2009.

Moreover, according to the same source, imports of cars were mainly from Japan that represents 46 percent of total imported vehicles, a figure expected to drop this year due to production issues caused by the earthquake and tsunami in March.

Toyota Motor , the most favoured brand in the Gulf, saw exports plunge by 63 percent in May from a year earlier in the aftermath of the March earthquake, tsunami and subsequent power cuts.

The market is predicted to grow by around 8% annually over the next four years. It said car sales in the UAE would see a compound annual growth rate (CAGR) of 8% to 2014, while total re-exports are expected to increase at a CAGR of 5% in the same period.

However, imports of vehicles with nine seats or more fell by 48.9 percent to $312.1m down compared to the previous year.