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Global Auto Sales Continue Decline

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Vehicle purchases around the world are in decline for the eighth consecutive month.

Global auto sales fell by 7.9% year-on-year (y/y) in April, which was amplified by idiosyncratic developments across emerging markets. The slowdown in most advanced economies–including the US and Canadais largely in line with a moderating growth outlook.

Statistics by Scotiabank Economics show the y/y decline in sales for April by country:

  • Canada–3.5%
  • U.S.–1.7%
  • Mexico–10.2%
  • UK–4.1%
  • China–17.7%
  • India–15%
  • Argentina–60.9%
  • Peru–19.2%
  • Chile–7.8%

European Union Sales are continuing a solid recovery with six months of consecutive growth. Germany and France experience a slight bounce-back to positive y/y growth last month, while Italy and Spain report positive y/y growth for April.

In Canada, fleet vehicle deliveries partially offset a decline in retail sales, and light truck sales see another growth; however, Scotiabank Economics anticipates that y/y declines will continue through the next quarter before rebounding later in 2019.

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