LatinNews Regional Monitor: Andean Group - 21 July 2017

COLOMBIA | Purchase of vehicles down. On 17 July, the Asociación Nacional de Empresarios de Colombia (Andi) business sector lobby reported that the total number of new motor vehicles sold in the Andean country in June reached 19,826 – down 3.7% compared with the same month the previous year when 20,589 new vehicles were registered. This decrease is representative of the entire first half of the year, with 112,974 new vehicles officially registered in the first six months of the year, 3.5% less than in the comparable period of 2016. The Andi attributed the fall in new vehicle sales to the three-percentage-point increase in the value-added tax (VAT) to 19%, as per the fiscal reform approved by the government in December last year. However, despite the fall in domestic sales, the Colombian automotive industry chamber noted that vehicles continue to be “Colombia’s leading manufacturing product”. According to the chamber, the main export markets for Colombian cars to April were Mexico (63% of total exports), Chile (22%), and Ecuador (8%).

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