SOUTH AFRICAN new car sales plunged to a record low in April, showing some of the first measurable signs of the economic impact of the nationwide lockdown to curb the spread of the coronavirus.

Domestic vehicle sales dropped by 98.4 percent from a year earlier to 574 units, the National Association of Automobile Manufacturers of South Africa said in an emailed statement yesterday. That compares with average monthly trade of more than 41,000 units over that last 20 years.

South Africa implemented one of the most severe lockdowns in the world from March 27.

The Naamsa data show only 105 passenger cars were sold in April, a drop of 99.6 percent. Some of those may, however, be transactions that started in March and were only finalized and recorded last month. The data form part of the Reserve Bank’s leading indicator, which gives a sense of the future state of the economy.

While the drop in sales was to be expected because dealerships were closed “it is a disaster,” said Mike Schussler, chief economist at Economists.co.za.

Exports from Africa’s largest automaker fell by 97.3 percent to 901 units, according to Naamsa data.(SD-Agencies)