Recently published research from Business Monitor International, "Venezuela Autos Report Q2 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 03/07/2014 -- Vehicle sales in Venezuela declined 63.9% year-on-year (y-o-y) in December, to 2,959 units. We expect to see a 24.3% drop in the sector in 2013, as the poor macro picture in Venezuela is increasingly impacting consumer sentiment. Inflation is running very high, eroding consumers' purchasing power and appetite for big ticket purchases, such as new cars. High interest rates curtail demand for vehicle loans, and the ongoing weakness in the Venezuelan bolivar increasingly makes vehicle imports more expensive in local currency terms.
BMI remains bearish on vehicle production in Venezuela, as the government continues to intervene in the economy, further restricting access to foreign currency and implementing import restrictions on vehicle components. Furthermore, the ongoing weakness in the currency will serve to make supplier imports more expensive, exacerbating shortages of components. Indeed, vehicle production in Venezuela decreased 31% y-o-y in 2013, to 71,753 units, as these dynamics continue to play out. The declines in the market moderated in the middle of the year due to lower base effects. We forecasted a 31% drop in output for the year as the ongoing deterioration in the country's macro picture impacted the segment.
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