Vehicle production in Argentina drops 3.8% in April

MEDELLIN, Colombia (ICIS)–Argentine domestic automobile production declined by 3.8% in April over the previous month, the Argentine Automakers Association (ADEFA) said on Thursday.

Year on year, production was down by 0.4% for the same time period last year, ADEFA said.

Auto exports hit 20,704 units in April, showing a surge month on month rising by 20.4%, and year on year numbers also saw an increase of 1.2%, according to the trade association.

Over 81% of exported vehicles went to Brazil and 4.5% were exported to Mexico, ADEFA said.

Auto sales, which hit 60,513 units in April, saw a month on month decrease of 0.3%, but saw a year on year increase of 38.1%, ADEFA said.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).

ICIS produces a monthly Global Automotive report covering the major automotive chemicals markets, the auto-industry, the IBAPs and macroeconomic trends. For more information on the report and details on how to subscribe, please email automotive@icis.com

ICIS has produced a free on-demand webinar on recent trends in automotive petrochemicals raw materials. To watch the webinar, click here