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New vehicle sales drop 9.2% to 49‚465 units in May
New vehicle sales in South Africa took a hefty knock in May‚ the National Association of Automobile Manufacturers of South Africa (Naamsa) has reported.
Naamsa says sales of new vehicles and exports of cars fell sharply in May, prompting further fears of a recession in South Africa. Image: David Castillo Dominici Free Digital Photos
Sales of new vehicles dropped by 9.2% to 49‚465 units in May compared with the same period a year earlier. New vehicle export sales saw an even bigger decline of 40.5% to 15‚613 units on an annualised basis.
Naamsa said that the South African economy was losing momentum and risked moving into recession.
"The decline in first-quarter gross domestic product to negative levels‚ the dramatic decline in the purchasing managers' index - particularly the business activity and employment index components - the sharp rise in producer inflation and the worsening trade deficit‚ all confirmed the advent of a more difficult economic environment.
"As a result‚ the domestic automotive market was likely to continue to face obstacles over the short- to medium-term‚" Naamsa said.
"New vehicle sales‚ at 32‚984 units‚ reflected a fall of 11.3% compared with the 37‚191 new cars sold in May last year‚" Naamsa said.
Domestic sales of new light commercial vehicles‚ bakkies and mini-buses fell 5.1% compared with the corresponding month last year.
"Sales of vehicles in the medium and heavy truck segments of the industry reflected a mixed performance‚ with medium commercial vehicle sales showing a decline of 14.4%‚ while heavy trucks and buses registered an improvement of 4.3%‚" Naamsa said
Source: I-Net Bridge
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