June sales shatter record
A total of 1,884 new vehicles were sold in Namibia during June, the highest vehicle sales figure recorded in our 19 year history, reflecting an increase of 14.1% month on month, off an already high base. The higher monthly figures were caused by an up tick in both passenger vehicle sales and commercial vehicle sales. As expected, June sales increased after the seasonal slowdown in April-May, and the monthly figures expanded to beat the previous record sales level as set in March IJG reported. On an annual basis growth accelerated to 44.9%, bouncing back from 28.6% year on year in May. At this point, 10,278 vehicles have been sold so far in 2014, up 50.3% on the comparable period of 2013 IJG said. The 12-month cumulative measure increased further to 18,699 and is now 39.3% higher than a year ago and up 3.2% on the previous month. The increase in the 12 month cumulative figure is a combination of a low base, and strong results in the current period said IJG. Sales of passenger vehicles increased, up 7.1% month on month to 828 vehicles sold. Passenger vehicle sales are 42.5% higher than a year ago. Commercial vehicle sales increased 20.3% to a record 1,056 vehicles sold. The strong increase in vehicle sales is attributed to a number of factors, namely the on-going expansive fiscal and monetary positions of the Ministry of Finance and Bank of Namibia, as well as purchase of vehicles by Government. The Ministry of Finance has allocated N$984.5 million to vehicle purchases in the 2014/15 National Budget,a N$517.8 million or 111.0% increase on the vehicle expenditure budget of the 2013/14 financial year said IJG.