Brazil's motor vehicle exports dropped 52.3 percent in April from a year earlier.
Brazil's motor vehicle exports dropped 52.3 percent in April from a year earlier, the National Association of Motor Vehicle Manufacturers (Anfavea) said Tuesday.
The Anfavea said in a report that the fall was largely due to the economic crisis in Argentina. The neighboring South American country accounts for 70 percent of the sales abroad of the Brazilian-made vehicles.
"Factories are trying to find other markets so as to make up for the loss of exports to Argentina," said Luiz Carlos Moraes, the Anfavea president.
In April, Brazil exported 34,905 units of vehicles, and it is projecting a total export of around 500,000 units for 2019. The output of cars, trucks and buses grew 0.5 percent to 267,546 units in April from a year earlier, the Anfavea report said.