Venezuela Retail


Venezuela: Car sales plummet in September

October 9, 2015

Annual car sales fell 67.6% over the same month last year and totaled 621 units in September, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading was a sharp deterioration from August’s 30.6% contraction.

In the 12 months up to September, car sales reached 24,494 units, which was 19.3% lower than recorded through the same month of last year (August: -28.5% year-on-year). Car sales currently total just a fraction of the peak of 491,899 units recorded in calendar year 2007. Extreme supply shortages due to government restrictions on both assembly plants and importers have severely hampered sales of vehicles in recent years.

Given the limited availability of timely data for the real sector, analysts often use car sales as a proxy for private consumption. Panelists participating in the LatinFocus Consensus Forecast expect private consumption to decline 6.6% in 2015, which is down 0.8 percentage points from the previous month’s estimate. In 2016, the panel sees private consumption falling 4.0%.

Author: Angela Bouzanis, Senior Economist

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Venezuela Retail Chart

Venezuela Retail September 2015

Note: Year-on-year variation and 12-month sum of domestic car sales in thousand units.
Source: Venezuelan Automobile Chamber (CAVENEZ).

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