{"id":772343,"date":"2024-05-16T14:58:55","date_gmt":"2024-05-16T12:58:55","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=772343"},"modified":"2024-05-16T14:59:00","modified_gmt":"2024-05-16T12:59:00","slug":"south-africas-vehicle-sales-take-a-hit","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/772343\/south-africas-vehicle-sales-take-a-hit\/","title":{"rendered":"South Africa&#8217;s vehicle sales take a hit"},"content":{"rendered":"\n<p>South Africa&#8217;s motor trade sales took a hit in March 2024, sporting a double-digit annual decline.<\/p>\n\n\n\n<p>According to StatsSA&#8217;s <a href=\"https:\/\/www.statssa.gov.za\/publications\/P63432\/P63432March2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">latest report<\/a>, motor trade sales for March 2024 (measured in real terms by constant 2019 prices) decreased by 10.4% year-on-year, 7% month-on-month, and 2.9% quarter-on-quarter.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"209\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34-1024x209.png\" alt=\"\" class=\"wp-image-772355\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34-1024x209.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34-300x61.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34-768x157.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-34.png 1032w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Key growth rates in motor trade sales at constant 2019 prices. Source: StatsSA<\/figcaption><\/figure>\n\n\n\n<p>The largest negative annual growth rates were recorded for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New vehicle sales (-23,7%);<\/li>\n\n\n\n<li>Workshop income (-14,3%);<\/li>\n\n\n\n<li>Sales of accessories (-9,9%); and<\/li>\n\n\n\n<li>Used vehicle sales (-9,3%).<\/li>\n<\/ul>\n\n\n\n<p>The largest negative contributors to the year-on-year (YoY) decrease were:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New vehicle sales (contributing -6,2 percentage points);<\/li>\n\n\n\n<li>Sales of accessories (contributing -2,0 percentage points); and<\/li>\n\n\n\n<li>Used vehicle sales (contributing -1,9 percentage points).<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-35.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1007\" height=\"521\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-35.png\" alt=\"\" class=\"wp-image-772356\" style=\"width:712px;height:auto\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-35.png 1007w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-35-300x155.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/image-35-768x397.png 768w\" sizes=\"auto, (max-width: 1007px) 100vw, 1007px\" \/><\/a><figcaption class=\"wp-element-caption\">Motor trade sales at constant 2019 prices. Source: StatsSA<\/figcaption><\/figure><\/div>\n\n\n<p>The only type activity that saw positive YoY percentage change was income from fuel sales, which increased by 0.4%.<\/p>\n\n\n\n<p>Looking at <a href=\"https:\/\/naamsa.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">data<\/a> from Automotive Business Council, Naamsa, April 2024 saw a growth in the new vehicle market after eight consecutive months of decline.<\/p>\n\n\n\n<p>However, looking at year to date data, domestic sales sit at 168,970 (-3.96% YoY), exports sit at 105,058 (-9,09% YoY), domestic production at 137,493 (-2.29% YoY), and imports at 74,969 (-9.3% YoY).<\/p>\n\n\n\n<p>These results echo a tough 2023 for South Africa&#8217;s motor trade industry. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"WjKeCMlpfT\"><a href=\"https:\/\/businesstech.co.za\/news\/motoring\/728751\/new-vehicle-sales-continue-to-take-a-beating-in-south-africa-1\/\">New vehicle sales continue to take a beating in South Africa<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;New vehicle sales continue to take a beating in South Africa&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/motoring\/728751\/new-vehicle-sales-continue-to-take-a-beating-in-south-africa-1\/embed\/#?secret=JwfswEMwqr#?secret=WjKeCMlpfT\" data-secret=\"WjKeCMlpfT\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Naamsa previously said that \u201cthe country\u2019s weak economic growth rate, although still marginally positive, remains a key challenge for the new vehicle market going forward in view of the close correlation between new vehicle sales and the GDP growth rate.\u201d <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/motoring\/771906\/problem-for-south-africas-new-driving-licences\/\" target=\"_blank\" rel=\"noreferrer noopener\">Problem for South Africa\u2019s new driving licences<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New data from StatsSA shows that motor trade sales saw a massive year-on-year decline.<\/p>\n","protected":false},"author":101,"featured_media":546996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[19874,5769],"class_list":["post-772343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-motor-trade-industry","tag-statssa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=772343"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772343\/revisions"}],"predecessor-version":[{"id":772365,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772343\/revisions\/772365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/546996"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=772343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=772343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=772343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}