Venezuela: Car sales plummet in July
August 24, 2016
Car sales recorded a sharp 86.7% contraction over the same month of the previous year and totaled 193 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). July’s reading represented a softer contraction than the 87.1% drop recorded in the previous month.
In the 12 months up to July, car sales reached just 8,672 units, which is the lowest print on record. July’s result represented a sharp 66.5% decline over the same period last year and the biggest contraction in over one year (June: -61.8% year-on-year). Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007.