Regional sales decline continues across East Asia in Q3 of 2023
By Will Pulson - 8th January 2024
EAST ASIA - Sales of commercial vehicles over 2 tons gvw in East Asia’s seven main markets, excluding China, declined by over 8% to 326,720 units in the third quarter of 2023 from 356,507 units in the same period of last year, based on data compiled from numerous industry sources including industry associations and vehicle manufacturers.
Overall regional sales in the third quarter were driven lower by continuing declines in Thailand and Vietnam, while other markets including Indonesia and South Korea also began to weaken after growing strongly last year. Economic growth was much weaker in the region’s larger economies, including Japan, South Korea, Indonesia and Thailand, following last year’s strong rebound, with higher interest rates and weakening exports affecting domestic demand and output.
