Paraguay vehicle market in 2019 went down in double-digits, after hitting the all-time record in previous year. Indeed, the Full-year reported a sharp sales drop (-15%) with 30.097 units sold. Chevrolet held the market throne – with 13.9% – just a few units ahead of Kia.
Paraguay economy emerged from recession in the third quarter, after contracting in the first half of the year. GDP grew 2.7% year-on-year in Q3, contrasting Q2’s 3.0% fall, on the back of quickening private consumption and a rebound in exports thanks to a recovery in soybean shipments. That said, fixed investment declined for the third consecutive quarter.
Turning to the fourth quarter, growth appeared to gain further momentum. Economic activity accelerated in October–November from Q3, likely buoyed by healthy private consumption as hinted by upbeat retail sales and subdued price pressures in the same period. The external sector likely weighed on the overall expansion, however, amid a double-digit contraction in merchandise exports in the quarter.
Paraguay vehicles market in recent years suffered heavy losses and in 2016 sales declined 15.3% from the previous year at a negative peak of 20.802. Since early 2017 the market started to recover and the total light vehicles sales have been 27.851, up 33.9%. In 2018 the scenario further improved and the automotive industry scored a new all-time record, ending with 35.403 sales (+27.1%).
However, as reported by the local Automotive Manufacturers Association, (CADAM), in 2019 the market reported a sharp sales drop (-15%) with 30.097 units sold.
Brand-wise, Chevrolet held the market throne – with 13.9% – just a few units ahead of Kia, while both declined over 20%. The only positive Top 10 brands were Hyundai and Ford.