Venezuela: Car sales plummet in June
July 14, 2016
Car sales recorded a massive 87.1% contraction over the same month of the previous year and totaled 243 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). June’s reading represented a sharper contraction than the 83.5% drop recorded in the previous month.
In the 12 months up to June, car sales reached just 9,925 units, which is the lowest print on record. June’s result represented a sharp 61.8% decline over the same period last year and the biggest contraction in over one year (May: -54.1% year-on-year). Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007.