Between the first four-month period of 2020 and the same period of 2021, vehicle sales in the local market increased by 20%, a rise that is largely explained by the behavior of marketed units of cars and SUVs.
The Office of the General Comptroller of the Republic reported that between April 2020 and the same month of 2021, the number of new units registered in the country increased 2,634%, going from 117 to 3,199.
After several months of reporting year-on-year declines in the number of vehicles sold in Panama, during the third month of the year an increase of 93% was recorded.
The Comptroller General's Office reported that between March 2020 and the same month of 2021, the number of new units registered in the country increased 93%, going from 2,099 to 4,057.
In El Salvador during last year, sales of new vehicles decreased 24%, a drop that can be explained by the closing of borders, the technical stoppage of plants worldwide and home quarantines decreed due to the outbreak of covid-19.
According to businessmen in the sector, in the context of the economic and sanitary crisis, sales of sedan-type vehicles were the most affected. This decline was mitigated by the performance of commercial vehicle sales.
In the countries of Central America, more than 21 million people are looking to buy a vehicle online, and of this consumer segment, close to 4% explore options for acquiring a Suzuki brand car.
CentralAmericaData's interactive information system monitors in real time the changes in consumer habits in all markets in the region, with fundamental information to understand the current commercial environment in which companies from all industries must operate.
During May 2020, only 96 vehicles were reported for sale in the Panamanian market, 98% less than the same period in 2019.
The General Comptroller of the Republic reported that in the context of restrictions to economic activity by the outbreak of covid-19 sales have fallen considerably, since between May 2019 and the same month of 2020, the number of new units registered in the country decreased from 4,048 to 96.
During 2019 and the first month of 2020 in Nicaragua, light vehicle distributors reported that their income improved compared to 2018, however, in February and March of this year sales fell again, due to the crisis caused by covid-19.
In 2018 a political and economic crisis occurred in the country, which impacted the sales of the automotive sector, since for that year on average 200 new units of light vehicles were sold per month.
As the economies of Central America begin to relax the restrictions that have been taken to prevent the spread of covid-19, sales of pickup trucks are predicted to be among the most contracted.
Using a demand-income sensitivity model developed by the Trade Intelligence Unit of CentralAmericaData, it is possible to project the variations that household demand for different goods and services will undergo as the most critical phases of the spread of covid-19 pass and mobility restriction measures are lifted in the countries of the region.
Although in 2019 worldwide vehicle sales fell by 3 million units, in Guatemala distributors project that this year local sales could grow between 5% and 10%.
According to Fitch Ratings risk data, at the end of last year reported a significant drop in vehicle sales globally, a decline that was induced by the contraction of the Chinese market.
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.
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.
During the first 11 months of 2019, 2,421 luxury vehicles were sold in Panama, a figure 8% higher than that reported for the same period in 2018.
According to the most recent report from the General Comptroller of the Republic, between January and November 2018 and the same period in 2019, in general the number of units registered in the country fell slightly, from 45,896 to 44,101.
During the first ten months of 2019, 2,210 luxury vehicles were sold in Panama, a figure 9% higher than that reported in the same period of 2018.
According to the latest report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, the number of units registered in the country fell slightly, from 41,182 to 40,940.
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%.
In Panama, the decreasing behavior of reported sales continues, since between January and August of this year 31,498 vehicles were registered in the country, 6% less than in the same period of 2018.
According to the latest report of the General Comptroller of the Republic, between the first eight months of 2018 and the same period of 2019, the number of units registered in the country fell from 33,349 to 31,498.
In Panama, the downward trend in reported sales continues, since between January and July this year 27,484 vehicles were registered in the country, 5% less than in the same period in 2018.
According to the latest report of the General Comptroller of the Republic, between the first seven months of 2018 and the same period of 2019, the number of units registered in the country fell from 28,970 to 27,484.
Although the downward trend in new vehicle sales continues in Panama, the declines in the number of units marketed reported in recent months compared to the same periods in 2018 are decreasing.