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The Brazilian auto industry reported increases in production, sales and exports through November, as the country's economy continues to show sustainable signs of recovery.
The performance of the auto industry is very positive for the insurance sector, as vehicle insurance is one of the biggest lines of business for many companies. The recovery of the auto sector is thus expected to generate greater revenues for insurers.
Sales of light vehicles, trucks and buses reached over 204,000 units last month, up 14.6% from the same month of 2016, stated automaker association Anfavea in a release. In the first 11 months of the year, sales rose 9.8% to 2.03mn units.
"The November performance confirms the resumption of growth, with the best average daily sales for the year, at more than 10,000 units, and also surpassing the level of 2mn vehicles sold in the cumulative period," said Anfavea president Antonio Megale.
Vehicle production increased 15.2% in November to 249,000 units and climbed 27.1% year-on-year in the January-November period, reaching 2.48mn units. Exports also jumped 49.4% to US$14.5bn in the first 11 months of 2017. In terms of units, exports were also up 53.3% to 701,000 in the same period.