Belarus automotive industry pushed up by grey market vehicles as the government hesitate to take actions in defense of the official distributors. Renault is market leader ahead of Volkswagen and Hyundai.
Belarus’ economy continues to worsen. Preliminary estimates show that GDP contracted by 3.3% in the first half of 2015, hitting a multi-year low. Falling real incomes in the face of high inflation and a devaluation in the Belarusian ruble have hurt domestic demand, while the external sector has suffered from the economic downturn in Russia—the country’s largest trading partner.
Moreover, international reserves are at critically low levels, below three months of imports, and talks with the International Monetary Fund to secure additional credit have stalled due to the country’s lack of structural reforms.
On 28 July, Russia gave Belarus a small lifeline, granting a USD 760 million loan. However, the loan will be used to service Belarus’ debts to Russia and the Eurasian Fund for Stabilization and Development.
At the end of a growing momentum with four years of growth, market in the 2014 had hit all time record with over 29.000 units sold from official distributors, hitting the former record scored in the 2007, plus over 20.000 units imported from the grey market.
Indeed it is estimated that grey market on new vehicles imported mainly from Russia counts additional 25.000-30.000 units and official value reported by the Belarussian Bureau of statistics must be read with care.
We have now updated all database taking care not only of the “official” sales reported by the Belarus Dealer Association, including in sales reported both official and grey vehicles sales. This revision has effected also 2014.
In the first half of 2015 the market opening of no cost import rules with Russia, pushed the import market up with market booming at 27.788, up 65.0% from the correspondent period last year.
The market leader was Renault with 4.015 sales (+95.9%) and with 14.4% of market share, followed by Volkswagen – first in the single month of June – that delivered 3.664 vehicles in the first half (+66.7%). Third was Hyundai with 3.283 units (+283%).
The best-selling model was the Volkswagen Polo with 2.807 units (+114.3%) ahead of the Hyundai Accent with 2.420 (+193.3%) and the Nissan Almera with 1.478 (+168.2%).
Below, you can sort our interactive tables to see data regarding Brands, Groups and Models. Please bear in mind that sales data are subject to adjustments as sources will update their information. This report is updated at the publishing date and will not be modified while the next on this subject will always have the year to date data updated.
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