Venezuela Retail


Venezuela: Car sales plummet to 12-month low in October

November 12, 2015

Annual car sales fell 72.4% over the same month last year and totaled 613 units in October, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading was a deterioration from September’s 67.6% contraction and marks the lowest figure in 12 months

In the 12 months up to September, car sales reached 22,886 units, which was 6.6% lower than last year’s figure for the same period (September: -19.3% 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 7.1% in 2015, which is down 0.5 percentage points from the previous month’s estimate. In 2016, the panel sees private consumption falling 4.7%, which is down 0.6 percentage points from last month’s forecast.

Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail Chart

Venezuela Retail October 2015 0

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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