Venezuela: Car sales plummet most in almost three years in December
January 11, 2013
In December, car sales dropped 31.2% over the same month the year before to reach 8,193 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading contrasted the robust 33.4% rise tallied in November and marked, in fact, the sharpest fall since March 2010.
Building on the monthly figure, car sales added 130,553 units in the full year 2012, which is up 8.2% from the level observed in the same period the previous year (2011: -3.7% year-on-year). The reading, however, remains well below the peak of 491,899 units recorded in the full year 2007. Car sales have been subdued 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.