The Import Side of Peru’s Drop in New Car SalesPublished on 27 March 2015
Why is it that in 2014, fewer cars were imported than in 2013, but at a higher price? From what countries do Peru’s new cars come from? Which country dominates vehicle imports to our country? Did you know that Thailand plays a pivotal role in the Peruvian automotive sector? We used data from Veritrade to discover some interesting trends and analyze the current situation of the automotive industry in Peru. Let’s start by understanding the current situation of the industry today. In 2013, 21,776 Chinese cars were imported to Peru. In 2014, this number dropped to 17,098. Their cost per unit, however, is among the lowest, second only to India with a CIF average cost of $6,543 per car in 2014.
The giant, in this case, is Korea, taking 33% of all total cars imported during 2014 at an average CIF cost of $11,296 per unit. With these figures, Korea was one of the few who did not see a drop in sales compared to 2013. However, at only 0.2%, the growth was not substantial. Thailand was one of the countries that grew substantially in this category, with a 167% increase in exports in USD CIF, and 215% in units, through which it has grown to include 11% of total imports in the automotive sector.
Meanwhile Germany leads another metric, boasting one of the highest costs per car. In 2014, the CIF cost of every German car brought into the country was $30,837. Not bad considering they brought in a little more than 3,000 cars.
According to the newspaper Gestion, Pacific Alliance countries suffered a tremendous blow in vehicle sales in the first months of 2015. Colombia, Chile, and Peru have seen a significant decrease in vehicle sales compared to previous years. Of the three, Peru has experienced the least severe decline. Tulio Zuloaga, president of the National Association of Auto Parts, predicts a fall of 8-10% this year.
It’s interesting what you can do when these numbers are readily available. Data is the language of business. Learn to speak it with Veritrade!