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LATIN AMERICA: "Out of Adversity: Latin American business reactions to recession and strategies for recovery" report. 24-page report by KPMG IberoAmerica.
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backLATINtalk May, 2012
Car inventories in Brazil highest since 2008
Automobile production and sales in Brazil fell in April from March, as inventories climbed to their highest level since the global financial crisis of 2008, raising the specter of idling production lines and continued weak industrial output.
Inventories in Brazil's auto sector amounted to 43 days' worth of sales last month, according to the national automakers' association, Anfavea. That was the highest level since November 2008, when stocks reached 56 days of sales.
Last year, carmakers idled lines and furloughed workers as inventories rose to 40 days of sales in October, triggering government stimulus and industry protections that upset regional partners such as Mexico.
A slumping car industry also aggravated a sharp slowdown in Brazil's industrial output late last year. Banco Votorantim analysts warned in a Monday note that automakers' weak April signaled a moderate recovery at best for industrial production, which contracted unexpectedly in March.
Vehicle output fell 15.5% to about 260,800 cars and light trucks in April, and sales dropped 14.2% to around 257,900 autos, Anfavea said on Monday. Auto output and sales had jumped sharply in March from February, following the carnival holiday.
"This is a really weak result and undermines impressions of a sustainable recovery for the industry, said Mariana Oliveira, auto analyst at TendFencias Consultoria in Sao Paulo.
"It's directly related to the shaky domestic market, where we've seen slow sales and weak financing this year," she said, adding that new auto loans in Brazil slipped 12.5% in the first quarter from a year earlier.
Source: The Vancouver Sun - GAI
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