Venezuela: Car sales continue to moderate in August
September 13, 2012
In August, car sales increased 0.9% over the same month last year to reach 11,081 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading undershot the 7.2% rise observed in July but contrasted the 0.3% drop tallied in the same month last year. Building on the monthly figure, car sales added 132,075 units in the twelve months up to August, which was up 7.9% from the level observed in the same period last year. The reading, however, remains well below the peak of 491,899 units recorded in the full year 2007. Car sales have been falling continuously since 2007 due to severe supply shortages amid government restrictions on assembly plants and importers. Given the limited availability of timely data on the real sector, analysts use car sales as a proxy for private consumption.