Venezuela: Car sales moderate in July
July 15, 2012
In July, car sales increased 7.2% over the same month last year to reach 11,072 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading undershot the 9.6% rise observed in June but contrasted the 10.8% drop tallied in the same month last year. As a result of the monthly figure, car sales added 131,908 units in the twelve months up to July, which was up 7.8% 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.