Panama 2017. Sales down hit by increased local duties

17
fra1.csv

Panama vehicles sales in the 2017 have lost in double-digit, first time in five years, hit by the increase of local registration duties and by a slower economy. Expectation for the second half are more optimistic as economy is accelerating.

Panamanian economy has shifted into a higher gear, supported by sharp growth in Canal revenues and in key sectors such as ports, construction and transportation. Economic activity for the January-to-November period grew 5.3%, higher than the full-year print for GDP in 2016; it highlighted the positive spillovers from stronger global trade dynamics in the economy. Containers handled in Panamanian ports swung from a steep 9.1% contraction in 2016 to a 7.9% increase in 2017, and cargo tonnage in the Panama Canal expanded 22.2% in the 2017 fiscal year, the highest figure on record.

The automotive industry arrived at this 2017 following years of sustained growth and started slow, probably hit by the decision taken by the Autoridad de Tránsito y Transporte Terrestre (ATTT) to increase the duties to register vehicles into the Registro Único Vehicular, effective from January2017.

The result was a sales on demand, just after the all time record posted in the 2016, with yearly sales at 56.905 (-14.7%).

 Sales 2012Sales 2013Sales 2014Sales 2015Sales 2016Sales 2017Sales 2018 e
Car+LCV50.61656.14860.31264.73566.70056.90560.374

 2012 Var2013 Var2014 Var2015 Var2016 Var2017 Var2018 var e
Car+LCV12,5%10,9%7,4%7,3%3,0%-14,7%6,1%

At brand-wise, the market leader Toyota sold 11.447 vehicles (-20.4%) followed by Hyundai with 11.332 (-1.6%) and Kia with 9.831 (-7.89%).

Rank 2017Rank 2016BrandSales 2017Sales 2016Variation 2017Share 2017Share 2016
11Toyota11.44714.385-20,4%20,1%21,6%
22Hyundai11.33211.511-1,6%19,9%17,3%
33Kia9.83110.660-7,8%17,3%16,0%
44Nissan5.0257.447-32,5%8,8%11,2%
55Suzuki4.4285.488-19,3%7,8%8,2%
66Honda2.1252.891-26,5%3,7%4,3%
79Chevrolet1.5101.764-14,4%2,7%2,6%
78Isuzu1.5101.919-21,3%2,7%2,9%
810Mitsubishi1.3721.668-17,7%2,4%2,5%
97Ford1.2141.957-38,0%2,1%2,9%
1011Mazda1.1631.1521,0%2,0%1,7%

Research, Consulting, Data & Forecast

F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2025. AutoData in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end.  See details within Panama Corner Store