JOHANNESBURG, April 3 (Reuters) – South Africa’s total new
vehicle sales increased by 4.8 percent year-on-year to 56,110
units in March, the National Association of Automobile
Manufacturers (NAAMSA) said on Tuesday.
But exports declined by 20.2 percent to 23,956 units in
March compared to the same month last year, with sales to Europe
hit by the recession and debt crisis in that region, NAAMSA said
in a statement.
“Factors that (will) continue to lend support to the
domestic market include the recent marginal improvement in the
financial position of consumers, relatively low interest rates,
continuing improvement in vehicle affordability in real
terms…,” it added.
Sharp increases in energy and transport costs would however
hit consumers’ disposable income in the months ahead, limiting
sales growth in the sector to modest single digit levels, NAAMSA
said.
(Reporting by Stella Mapenzauswa)
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