Brazilian National Automobile Manufacturers Association (ANFAVEA) announced the modified 2018 local auto industry forecast.

ANFAVEA following pointed out that the sales amount of domestic car in Brazil should probably grow by 13.7% year-on-year to 2.5 million units in 2018, up from the growth forecast 11.7% year-on-year.

In 2018, Brazilian auto exports will reach 700,000 units, down by 8.6% year-on-year, while the previously forecasted export volume was about 770,000 units roughly, which was still remained stable year-on-year.

In addition, ANFAVEA also estimated that Brazilian auto production capability in 2018 will be going to achieve 3 million, an increase of 11.1%. However, the previous forecast of 2018 production was around 3 million units, a year-on-year rise of 11.9%.

The president of ANFAVEA, Antonio Megale, mentioned that the original forecast data was further amended in view of the Brazilian domestic market trend and the “Great Success” of Argentine auto exports. As we know Argentina was getting along with Brazil as being mutual main trading partner.

Megale further indicated that Brazilian domestic industry was gradually improving, and the concentration of trucks and agricultural machinery was additionally going up. As a result, ANFAVEA was prompted to review sales forecasts.