Growth of PH vehicle output slowed to 32.1% in April
MANILA -The Philippines’ vehicle output grew by only about a third in April—marking its first slowdown this year—but still led the region as other vehicle-producing countries in the Association of Southeast Asian Nations (Asean) saw a decline in their respective production lines.
Data released on Friday by the Asean Automotive Federation, an umbrella group of industry associations from member economies of the regional bloc, showed the Philippines produced 7,852 motor vehicle units during the month.
This marks a 32.1-percent increase from the 5,943 units produced in the same month in 2022, but shows a significant slowdown compared to the output during the preceding three months.
The country’s vehicle output in January grew by 60.3 percent, and sped up further in February and March to 67.2 percent and 76.6 percent, respectively.
Despite this, the numbers show that the local automotive manufacturing industry continues to post growth on a monthly basis and is on an unbroken, nine-month growth streak since August of last year.
The Philippines also maintained its lead in the region in terms of growth. It was the only country in the Asean that saw production growth in April but remained in fifth place in terms of production volume.
Thailand—which remains the biggest producer—had a slight production drop of 0.1 percent, with an output of 117,636 units during the month compared to the 117,786 units in the comparable period last year.
Production in Indonesia, Malaysia, and Vietnam decreased more significantly, dropping by 28.3 percent, 24.8 percent, and 35.9 percent, respectively.
Myanmar also saw its production volume drop by 98.2 percent, amounting to just 8 vehicle units produced during the month. INQ
RELATED STORIES:
