Venezuela: Car sales fall for first time in 10 months
October 3, 2012
In September, car sales fell 12.7% over the same month last year to reach 9,586 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading contrasted the 1.5% rise tallied in August (previously reported: +0.9% year-on-year) and marked, in fact, the first drop since November 2011. Building on the monthly figure, car sales added 130,686 units in the twelve months up to September, which was up 7.9% from the level observed in the same period last 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.