Growth in the Colombian economy has begun to slow due to the European crisis and a fall in export prices for raw and mining materials and mining. This is hitting incomes and consumer confidence.
A study by Fedesarrollo, a Colombian think tank, found consumer confidence had fallen 9.6% YTD. This was not helped by a sales tax increase to 24%, from 16%, on pickup trucks.
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Sales consequently fell 16.3% in the first two months of 2013 to 42,882 units. Commercial truck volume was down 47.0%, pickup trucks fell 41.8%, vans 24.1%, taxis 23.9%, buses 20%) and passenger cars 18.2%. Only the SUV sector showed any growth – 33%.
Local assemblers are still losing market share due to currency revaluation. They took 35.2% 18,049 units in the first two months of 2012; this year it was 28% (12,025 units). Chevrolet sales were down 25.9%, Renault 10.7% and Mazda 14%.
Importers were led by Kia.
The premium segment is growing at 19.2% YTD. The leader is Audi with 384 units sold (+122.0%).
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By GlobalData
