Venezuela: Car sales rebound in October
November 8, 2012
In October, car sales rose 5.4% over the same month last year to reach 10,955 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading contrasted the 12.7% decline tallied in September, which had marked the first drop since November 2011. Building on the monthly figure, car sales added 131,541 units in the twelve months up to October, which is up 9.3% from the level observed in the same period last year (September: +9.2% 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.