Vehicle Sales: Optimism in Panama

After a 50% year-on-year fall in new car sales in 2020, Panamanian businessmen expect a 25% increase in the number of units sold in the local market by 2021.

Thursday, January 28, 2021

The covid-19 outbreak generated a health and economic crisis that severely affected the automotive industry. The most recent report of the Comptroller General of the Republic specifies that between January and November 2019 and the same period of 2020, the number of new vehicles sold in the Panamanian market decreased 54%, going from 44,101 to 20,349.

Gustavo De Luca, Association of Automobile Distributors of Panama (ADAP), told Laestrella.com.pa "... the covid-19 situation has represented a great challenge for the automotive industry, of which we are still deeply resenting its negative effects. With sadness we lost around 1,000 direct jobs in the industry and suffered a 50% drop in new car sales compared to 2019."

See "Vehicles: Sales Potential by Brand"

After this abrupt drop in sales, businessmen in the sector expect that in 2021 the sector will start to recover.

The article states that "... Although the pandemic is not yet over, to push the recovery of the economic activity of the automotive industry, for 2021 a market of 30,000 units is projected, which would represent an increase of 25% over 2020."

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More on this topic

Vehicles: Sales Would Fall 50% This Year

April 2020

Due to the crisis generated by the Covid-19, car dealers in Panama estimate that during 2020 the number of units sold could fall by almost 50% compared to the figure reported in 2019.

If businessmen's forecasts are true, the negative trend of recent years would continue, since during 2019 47,866 units were registered in the country, 6% less than in the previous year.

Car Sales: Light at the End of the Tunnel?

November 2019

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.

Car Sales Hold Firm in Panama

November 2014

Although the growth rate is still lower than in previous years, in the first ten months of the year 50,882 vehicles were sold, down 8% compared to the same period in 2013.

It is expected that by the end of 2014, 59, 000 new cars will have been sold throughout the year, which would surpass the sales of 2013, when 56,147 new units were sold.

Panama: Automotive Boom Continues

May 2014

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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