Venezuela: Car sales skyrocket in November
December 7, 2012
In November, car sales rose 33.4% over the same month last year to reach 12,087 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading followed the 5.4% rise tallied in October and marked, in fact, the strongest result since March. Building on the monthly figure, car sales added 134,270 units in the twelve months up to November, which is up 13.0% from the level observed in the same period last year (October: +8.3% 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.