?Panama new car sales down 11%

NEW CAR sales in Panama fell 11% in the first five months of 2017, compared to the same period in 2016, according to a recent report from the Office of the Comptroller General. of the Republic.

from January to May, new car sales decreased by 2,904 units to a total of 24,553, against the 27,553 cars during the same period of 2016. equivalent to a fall of 11%.

In the period under review, most car brands had a reduction in their sales,

Sedan, coupe and truck type cars fell 1,989 units, equivalent to a decrease of 17%.

In these five months, sales of pickups cars decreased by 639 units (-16%), bus and bus sales by 218 units (29%) and sales of panel-type vehicles by 151 units (-25% %).

Sales of luxury cars fell by 7%, minivans (-14%) and trucks, both small and large (-4%).

Several factors could have been affecting the fall in sales of new cars.

The first explanation could be associated with the the purchasing power of some Panamanians says La Estrella

The second reason may be linked to the new regulations and requirements that are imposed on Panamanian banks by the international organizations that are dedicated to the fight against money laundering and tax evasion by the citizens of their countries, as in the case of the  (OECD) and the International Financial Action Task Force (FATF).

In 2016 a total of 66,700 new vehicles were sold, helping create ever growing traffic congestion.