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Automobile exports off to a timid start in 2024

Feb, 09, 2024 Posted by Gabriel Malheiros

Week 202406

The number of cars sold in Brazil in January this year was 13% higher than in the same period in 2023. There were 162 thousand vehicles sold in the first month of 2024, compared to 143 thousand units in January 2023. Domestic production remained stable, with around 152 thousand units in the first month of both years, and 18.8 thousand vehicles were exported in January this year.

Automobile exports kicked off 2024 at a very sluggish pace, with 18.8 thousand units shipped. It’s the worst monthly result since the pandemic’s peak, with declines in all neighboring markets except Uruguay.

With this combination of growth in the domestic market, an increase in imports, and a drop in exports, production of 152.5 thousand units remained at the same level as January 2023.

The balance was presented this Thursday (8) by the National Association of Motor Vehicle Manufacturers (ANFAVEA) in a press conference attended by Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin.

The minister underscored that the recent investments announced for the automotive sector, budgeted at R$ 41.4 billion by 2032, are the result of a positive national economic scenario driven by tax reform, stable exchange rates, and a reduction in the Selic rate.

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