BUENOS AIRES (Dow Jones)–Argentine automobile sales fell 8.3% on the year to 59,958 vehicles in April, due in part to fewer business days.
Sales last month were down 27.1% from the 82,264 vehicles sold in March, auto dealer association Acara said in a statement Wednesday.
April had two fewer business days in 2012 than it did last year because of public holidays.
Sales during the Jan-April period rose 5% on the year to a record 313,207 vehicles, Acara said.
Auto dealers and car manufacturers have benefited from an economy that grew 8.9% last year and unemployment that has fallen to multiyear lows.
But inflation, which most private-sector economists say surpasses 20%, also explains some of the demand for cars.
Argentines have historically invested in real estate and consumer-durable goods like cars to protect the purchasing power of their savings during times of high inflation.
Argentina is one of few countries in the world where consumers can occasionally buy new cars and sell them, years later, for a profit.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com
Source: Dow Jones