APA - Argentina car industry recession-proof

Baku-APA. The car industry in Argentina has remained immune to the global economic crisis, maintaining an increase both in sales and in productions this year, APA reports quoting presstv.ir website.

Argentina’s car industry is clearly accelerating with a 60% increase in sales in the current year. The production rate is up 30% per annum and exports show no sign of slowing down.

Although many cars produced in Argentina are exported to countries like Bolivia and Venezuela, Brazil by far has the biggest market for Argentine vehicles.

"Nine out of ten cars produced in Argentina are sold to Brazil," Enio Cordeiro told Press TV.

Experts say favorable exchange rates and a community of South American nations who want to spend their money on new cars have helped boost the industry in the Latin nation.

"Argentina is privileged to have a healthy relation between its currency and the US dollar that lets it export and generate foreign exchange," economist Jorge Bagur told Press TV.

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Updated: 07-09-2010

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