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Vehicle-import sales climb 12.1% in April

May 24, 2019

SALES of imported vehicles continue to grow for the third straight month, reaching 7,259 units in April, on the back of increasing demand.

In a report on Thursday, the Association of Vehicle Importers and Distributors (AVID) said the figure was a 12.1-percent improvement from 6,476 units a year ago.

April’s growth was stronger than the 8 percent posted in March, when 7,952 units were sold.

The group has been posting sales of 7,000-plus units since February, recovering from the 6,493 units sold in January.

“The strong April performance signifies that demand for automotive vehicles is slowly increasing, eventually leading to what we forecast as a strong industry recovery,” AVID President Ma. Fe Perez-Agudo said in a statement.

Vehicles are seen travelling along Commonwealth Avenue in Quezon City. PHOTO BY RUY MARTINEZ

All segments saw growth last month. Sales of light commercial vehicles (LCV) — accounting for 62 percent of the total — jumped by 13 percent to 4,534 units in April from 4,029 in the same month last year; passenger cars (PC), by 12 percent to 2,614 from 2,343; and commercial vehicles (CV), by 6 percent to 111 from 105.

Year-to-date, the number of imported vehicles sold inched up by 0.2 percent to 29,458 units from 29,411 in the same period a year ago.

As of end-April, sales of LCVs grew by 5 percent to 18,483 units from 17,520 in 2018; and CVs, by 2 percent to 447 from 440 units. In contrast, sales of PCs slumped by 8 percent to 10,528 units from last year’s 11,451.

Perez-Agudo is optimistic that sales would improve in the coming months, given the sound macroeconomic fundamentals.

“We are bound to encounter headwinds this year, including shifts in buying patterns and higher interest rates, but we are confident that the industry is geared to tackle such challenges,” she said.

Credit belongs to : www.manilatimes.net

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