Venezuela. According to the Chamber of Venezuelan Manufacturers of Automotive Products (Favenpa), imports of auto parts in the country, during the first four months of 2024, stood at 82 billion dollars, which means an increase of 21.2% compared to the same period in 2023.
The organization pointed out that imports of auto parts in the country between January and April 2023 stood at 68 billion dollars.
He specified that in the first four months of the current year, 76.5% of the total imports of auto parts that arrived in Venezuela came from China, which meant 63 billion dollars for the country.
Omar Bautista, president of Favenpa, reported that the auto parts sector registered an average recovery of 10% during the first five months of 2024.
"There has been a slight recovery of those companies that are working. Some companies are saying that they are penetrating more because they are developing new products at a lower cost and that has had a greater impact on demand," Bautista explained.
Bautista added that he also hopes that with the reactivation of vehicle assembly, benefits can continue to be generated for the sector, especially when there is incorporation of national parts in vehicles.
"We lost 40% of auto parts sales when vehicle assembly was paralyzed." Omar Bautista said that Venezuela currently has a very old vehicle fleet with an average age of 22 years, where more than 70% of vehicles are more than 15 years old and can have 200,000 kilometers of use.
