Thursday, June 8, 2023

Toyota and the customs' tariffs in Lebanon

OK here's a brief recap: The Dollar for import (one of many many different Dollar parities in Lebanon) went from 1500 to 15000 Liras at the end of 2022, then went up to 45,000 Liras in February 2023, only to increase to 60,000 in April and now 90,000 as of May. Well, this basically means that Lebanon with 139% inflation rate is going to see further increase in prices.

Which brings us to some companies selling older stocks with the previous customs import prices. Ergo - Toyota Lebanon jumping on that bandwagon. You might be surprised though that cars are not top priority for the Lebanese at this point (here) but no one can blame BUMC (the exclusive Toyota and Lexus dealer for Lebanon) for trying.

Apparently what Lebanese really do want are white goods (such as refrigerators and gas stoves), because at this point cars are exceptionally expensive - even with the old import prices, and they are seen as a farfetched relic from an older economic model that no longer exists.