Automotive: Another Year in the Red

According to the reported decrease in new car sales in 2017 and 2018 in Panama, during 2019 the negative trend continued, as 47,866 units were registered, 6% less than the previous year.

Wednesday, January 15, 2020

Reports from the General Comptroller's Office of the Republic explain that since 2017 there has been a drop in new vehicle sales, since 56,905 units were sold that year, 15% less than cars sold in 2016.

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In 2018, the bad streak continued with 50,889 new vehicles registered, a figure 11% lower than that reported in 2017. The downward trend has extended to 2019, as the sale of 47,866 units was reported, the year-on-year drop was 6%, according to figures from the Association of Automobile Distributors of Panama (ADAP).

Also see "Car Brands: Figures at the Beginning of 2019"

Gustavo De Luca, president of ADAP, explained to Panamaamerica.com.pa that "... the downward trend is beginning to normalize and is already bottoming out."

The article adds that "... The automotive industry has a great value for the Panamanian economy, it generates around 2 billion dollars in transactions per year, representing approximately 3% of the country's GDP."

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After the number of new vehicles sold in Panama fell 11% between 2017 and 2018, this year the distributors’ guild estimates that the year-on-year decline could be just 2%.

Consistent with the downward trend reported in 2017, during 2018 50,889 new vehicles were registered in the Panamanian market, 11% fewer units than those reported the previous year.

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In the first four months of the year 18,000 new cars were sold, 10% more than in the same period in 2013.

With the sale of 4,797 new vehicles between January and April 2014, Toyota ranks as the best-selling car brand in the country. In second place is Hyundai, with 3,245 units and in in third place Kia, with 2,917 vehicles sold.

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