SAO PAULO: New-vehicles sales, production and exports in Brazil dropped in March and also in the first quarter of this year, amid the country’s deep and prolonged recession. Sales of cars, light vehicles, trucks and buses totaled 179,219 in March, down 23.6% from a year earlier, auto makers association Anfavea said Wednesday.
In the meantime, output fell 23.7% to 195,279 units in March and 27.8% in the quarter, with a total of 482,290 of units produced. By value, exports declined 7.7% in March to $850.5 million and fell 7.6% in the quarter to $2.24 billion.
According to economists, the combination of economic recession, rising unemployment and high inflation and interest rates are damaging consumer confidence, especially toward big-ticket items. Brazil’s economy contracted 3.8% last year and is expected to shrink nearly 3.7% this year, according to economists surveyed by the country’s central bank.
