Decreases of 31% and 28% were reported in April and May respectively when compared to the same months last year.
According to the Automobile Distributors Agency Association of Panama (ADAP), since the beginning of the year, sales have been reporting decreases; 28% in January, 18% in February and 12% in March.
The economic crisis is being reflected in lower wine and jewelry consumption, while basic item consumption is increasing.
The General Directorate of Revenue (DGI) reported a decrease in the collection of the selective consumption tax for items such as: Jewels and weapons, down by 70%; imported cigarettes, down by 22% and liquor and wines, down by 10%.
October had the best sales in the last two years with an increase of up to 31%, however this was the end of the upward trend.
The first quarter closed with an increase of 19%. In July it was at 18%, much lower than the 32% increase in the previous year. In September the increase was 14%, according to data gathered by the Association of Automobile Distributors and Agencies of Panama (Adap).
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