BUENOS AIRES --Argentina's automobile production jumped sharply in August but was still down significantly from the record levels posted last year.
Car makers cranked out 79,664 vehicles in August, up 20.9% from July but down 5.9% from a year earlier, auto-maker association Adefa said Thursday.
Exports in August came in at 35,853 vehicles, up 25.9% from July but down 34.8% on the year, according to Adefa. Over 80% of those exports went to Brazil, with Europe taking almost 8% and Colombia 3%.
Argentina's auto industry was hit hard this year due to slack exports to Brazil. Production during the first eight months of the year was down 12.8% on the year, while exports slid 30.8%.
However, there are signs that Brazil's economy is starting to stage a modest recovery due to stimulus measures.
Vehicle sales in Brazil hit a record in August, thanks to tax breaks. In addition, Brazil's decision to slap extra tariffs on 100 goods imported from outside the Mercosur customs union will benefit Argentina, where car makers are a lynchpin of the local manufacturing sector.
Argentina's economy is expected to expand by 3.1% this year after growing 8.9% in 2011, according to a recent central bank survey.
nasdaq.com
Car makers cranked out 79,664 vehicles in August, up 20.9% from July but down 5.9% from a year earlier, auto-maker association Adefa said Thursday.
Exports in August came in at 35,853 vehicles, up 25.9% from July but down 34.8% on the year, according to Adefa. Over 80% of those exports went to Brazil, with Europe taking almost 8% and Colombia 3%.
Argentina's auto industry was hit hard this year due to slack exports to Brazil. Production during the first eight months of the year was down 12.8% on the year, while exports slid 30.8%.
However, there are signs that Brazil's economy is starting to stage a modest recovery due to stimulus measures.
Vehicle sales in Brazil hit a record in August, thanks to tax breaks. In addition, Brazil's decision to slap extra tariffs on 100 goods imported from outside the Mercosur customs union will benefit Argentina, where car makers are a lynchpin of the local manufacturing sector.
Argentina's economy is expected to expand by 3.1% this year after growing 8.9% in 2011, according to a recent central bank survey.
nasdaq.com
No comments:
Post a Comment