Panama vehicles sales in 2019 the market reported a shy recovery. Indeed, Year to Date November sales in 2019 have been 45.530, projecting the full year to 51.679, up 1.8%. Toyota holds the market throne with over 20% 0f share, while the best follower is Hyundai.
Panamanian economy seems to be gaining steam in the second half of the year, after a weak first half. Economic activity sped up in the third quarter, although it remained subdued by historical standards. A firming transport, storage and communications sector likely led the improvement, as operations at the Panama Canal gathered strength in Q3.
Moreover, construction activity accelerated robustly in the quarter, while merchandise exports rebounded in the same period, thanks to greater agricultural commodity shipments. In addition, operations at the Cobre Panama copper mine should be ramping up in H2, and will boost industrial production in the period.
Pushed by fast growing economy, the automotive industry reported a strong growing period during the last decade, with the best ever selling year in the 2016, when sales hit the record of 63.500 units.
The introduction of higher duties required by the Autoridad de Tránsito y Transporte Terrestre (ATTT) to register vehicles (new and old) into the Registro Único Vehicular, effective from January 2017, and a slower economic trend, caused in the 2017 a sudden market deceleration with sales declined at 56.563 and the negative pathway was taken during the 2018 as well, with total new vehicles sales declined at 50.766 (including 242 HCVs), down 10.3%.
In 2019, the market reported a shy recovery. Indeed, Year to Date November sales in 2019 have been 45.530, projecting the full year to 51.679, up 1.8%.
At brand-wise, the 2019 sees Toyota as the market leader with market share stable just over the 20%.
The top follower is still the Korean, Hyundai, reaching 17.7% after last year’s sharp drop. Nissan and Kia are fighting for the market podium, currently holding over 12% of share.
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