Argentine Auto Production Halts Three-Month Growth Streak
Date
10/4/2024 8:22:16 AM
(MENAFN- The Rio Times) Argentina's automotive industry faced a setback in September. Vehicle production dropped to 49,611 units, marking a 3.9% decrease from August.
This decline also represented a 12.6% fall compared to the same month last year. The downturn ended a three-month streak of production growth in the sector.
From January to September, automakers produced 362,433 passenger and utility vehicles. This figure stands 22.1% below the 465,236 units made during the same period in 2023.
The Association of Automobile Manufacturers (Adefa ) reported these numbers. The production slump occurred despite a 5% increase in vehicle registrations compared to August.
Registrations also rose by nearly 30% compared to September 2023, typically a slower month for sales. Export figures also declined in September. The sector shipped 31,918 units abroad, showing a 2.6% drop from August.
This number also fell 10.2% short of exports in September 2023. The first nine months of 2024 saw a 10.3% decrease in exports compared to 2023.
However, some positive trends emerged in the export data. Brazil remained the top destination, receiving 157,568 units so far this year.
This accounts for 71.7% of the industry's foreign trade. Exports to Europe, Venezuela, and Paraguay also showed slight increases.
Martín Zuppi, president of Adefa, offered his perspective on the situation. He noted that June marked a low point for the industry. Since then, production, exports, and wholesale sales have shown a slow but steady recovery.
Zuppi highlighted a positive sign for manufacturers. The increasing share of exports in overall production indicates a promising trend for the industry's future outlook.
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