Brazilian automotive industry association Anfavea unveiled a revised forecast for the local automotive sector in 2018.
According to the trade group, Brazilian domestic sales of vehicles in 2018 should grow 13.7 percent, year-on-year, to 2.5 million units, up from a previous year-on-year growth forecast of 11.7 percent.
Anfavea said Brazilian exports of vehicles should reach 700,000 units this year, 8.6 percent down, year-on-year, as opposed to its previous forecast of 766,000 units exported, which would represent no change from 2017.
Anfavea estimated Brazilian production of vehicles in 2018 to total 3 million units, 11.1 percent up, year-on-year. Anfavea had previously forecasted to produce 3.02 million units this year, a 11.9 percent growth, year-on-year.
Anfavea’s president, Antonio Megale, said the revised forecast was due to “positive” results in the nation’s domestic market and auto exports to Argentina, Brazil’s major trade partner.
“Brazil’s domestic industry is improving month-on-month, with greater intensity in the trucks and agriculture machinery segment, which led us to review our sales forecast,” he said.