The content has been shared, if you want to share this content with other users click here.
The Brazilian auto industry reported a hike in sales, production and exports in October, against the backdrop of the country's burgeoning economic recovery.
The performance of the auto industry is very positive for the insurance sector, since auto insurance is one of the biggest lines of business for many companies.
Sales of light vehicles, trucks and buses totaled 202,857 units last month, up 27.6% from the same month of 2016, stated automakers association Anfavea in a release. In the first 10 months of the year, sales rose 9.3% to 1.82mn units.
Vehicle production increased 42.2% in October to 249,932 units, and climbed 28.5% year-on-year in the first 10 months of 2017 to 2.24mn units. Exports also jumped 51.6% to US$13.1bn in January-October. In terms of units, exports increased 56.7% to 627,820 in the same period.
"The average daily rate of sales remains above 9,500 units, a sign of a resumption of [consumer] confidence in the face of positive economic indicators, such as the drop in unemployment, and falling inflation and interest rates," said Anfavea president Antonio Megale.