Vehicle importers on Monday announced a strong start for the year 2014, increasing their sales for the month of January by almost a quarter year-over-year.
Based on a report from the Association of Vehicle Importers and Distributors (AVID), vehicle sales of the group last month reached 3,191 units, for a 21.6-percent rise over the 2,625 units rolled out in January 2013.
Both the passenger car (PC) and the light commercial vehicle (LCV) segments buoyed AVID’s January sales.
However, on a month-on-month comparison, sales went down by 8.6 percent, as December sales grew to 3,491 before ending 2013.
Total PC sales grew by 21.6 percent, selling 1,679 units versus the 1,381 of January last year. Meanwhile, LCV sales went up by 21.5 percent to 1,529 units last month compared to the 1,244 units for the same month last year.
The top vehicle importer for the month of January was Hyundai Asia Resources Inc. with 2,273 units sold.
Ma. Fe Agudo, AVID president, expressed belief that 2014, the Year of the Wooden Horse on the Chinese calendar, would see AVID members get better sales.
“With a host of exciting new models slated to enter the market this year, coupled with January’s performance providing a positive jumpstart to 2014, we at AVID are elated with our prospects for the Year of the Wooden Horse,” she said.
Agudo also remains bullish on the Philippine economy because the country registered a gross domestic product (GDP) growth of 7.2 percent in 2013.
“Despite concerns of a slowdown, the Philippine economy witnessed unparalleled success last year with full-year GDP growth at 7.2 percent.
Coupled with accelerated spending and resilient investment activities, the above-target growth proved the country’s ability to withstand external shocks and emerged as a viable investment destination in Asia,” she said.
Earlier, the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association reported a 27-percent sales growth for January this year, with units delivered reaching 15,642 compared to the 12,303 sold in the same month of 2013.