Vehicle imports grow at slower pace in H1

MANILA, Philippines - Sales of imported vehicles continued to rise in the first semester, but growth slowed compared to a year ago.

The Association of Vehicle Importers and Distributors (AVID) said yesterday its member companies sold six percent more vehicles in the first half compared to the same period last year, as demand for imported cars in the country remains strong.

The single-digit growth, however, was slower compared to the 103 percent jump reported by the group in the first six months of 2016.

Total sales of AVID reached 48,348 units in the January to June period, from 45,470 units posted in the same period in 2016.

Second-quarter sales of 25,0311 units were seven percent higher than the 23,317 units in the first quarter.

“The continued upsurge in AVID sales is only a testament of the burgeoning demand for imported vehicles in the Philippines,” the group said.

AVID said the passenger car segment recorded a 13 percent uptick to 18,773 units in the first half compared to 16,644 units a year ago. 

Holding the market leadership in the segment is Korean car firm Hyundai, which sold 12,039 units or 64 percent of total AVID passenger car sales.

AVID said demand was likewise upbeat for the light commercial vehicle segment as it grew three percent year-on-year to 48,348 units.

With 16,209 units sold, Ford sold the largest volume in the segment. 

The confluence of economic factors and the sustained automotive demand bode well for the industry as it gears toward delivering as many as 450,000 new vehicles by end of the year. AVID, for its part, looks forward to capitalizing on favorable economic climate in delivering best-in-class products and services to the Filipino consumers,” AVID president Ma. Fe Perez-Agudo said.

“To sustain this positive trend, AVID will continue on its quest to innovate its products and services in response to the ever-changing customer needs,” she added.