Venezuela is a country where democracy and stability are still far, as proven by the actual Leader, Hugo Chavez, is the President since 1999, having established a "Modern Socialist Republic" where violence, drugs and military are conditioning people life. Venezuelan economy is highly depended by its huge petroleum industry, accounting around 95% of total exports, over 40% of Government revenues and 12% of GDP. Pro capita revenue is stable at $ 12.400, but National GDP was hit by 2008 financial crisis and in 2011 was lower than in 2008. Inflation rate at 28.9% in 2011 was a world's record and is creating a huge grey market and unofficial economy. Hard to say when Venezuelan people (28 million) will start increasing their general life conditions.
Pushed down by a never-ending economic decline, Venezuela, potentially richest country in South America is reducing durable products consumptions and the car market is one of the worst worldwide since years, as clinched by September 21.4% drop.
Keeping a very negative pace, the car market in Venezuela had lost 21.3% in August 2013, although the market leader, Chevrolet, boomed share at 38%. Year to date sales dropped 13.8%. In August, Mitsubishi Lancer jumped on top of model list, first time globally.
In spite of sharp drop posted in December, when the market was 34.6% down from last year, the Venezuelan car market ended the 2012 rising 4.9% from the previous year. However the market was down 74% from record year.
In November, the Venezuelan car market posted 12.082 units, down 33.4% from last year. Year-to-date sales were 118.798, up 9.2%. The market leader, Chevrolet, further increased its share climbing at 32%.
In August, the Venezuelan car market posted 10.585 units, down 3.7% from last year. Year-to-date August sales were 86.160, up 10.0%. Chevrolet in August surged at 41% of share, the best of the year, followed by Toyota and Ford.
The Venezuela car market is on the road to recovery after the severe drop suffered from 2007 all time volume record. Following the 2011 negative peak at 120.691 sales, this year the market is recovering. Chevrolet is the market leader.