Imported vehicle sales grew slightly in January to November despite the softening of market demand in the third quarter, the Association of Vehicle Importers and Distributors (Avid) said.
Avid said its members’ combined sales in the first nine months of the year reached 27,908 units, up from 26,272 units a year ago.
Avid said its members’ sales in November expanded by 12 percent to 2,534 units, from 2,268 units last year.
Passenger car sales in the first 11 months dropped by 6 percent to 14,348 units from 15,320 units a year ago. In November, however, this segment’s sales improved by 5 percent to 1,304 units year-on-year.
Light Commercial Vehicles (LCV) proved more sellable with 24 percent growth to 13,560 units from 10,592 in January to November. Year-on-year, LCV sales grew 1,230 units in November from 1,029 units.
“We at Avid remain optimistic about the prospects of the industry moving forward, where we commit ourselves not only to continue striving for excellence but more importantly, ensure sustainability in mobility by providing innovative products and services that are friendly to the environment,” Avid president Ma. Fe Perez-Agudo said.
The economy grew by 7.4 percent in the first three quarters.
Domestic demand led the charge as inflation and interest rates remained favorable. This was followed by a notable 13.1-percent growth in investments following the country’s ascent to investment grade earlier this year.
Avid said that after Supertyphoon “Yolanda” (Haiyan), the economy was expected to move to a slower growth trajectory in the first half of 2014. However, the sustained influx of remittances and re-construction boost will help the economy regain momentum.
As the economy remains resilient against downside risks, the automotive industry shares the same confidence that sales target this year is still achievable as demand stays robust.