Regional sales continue downward trend in Q4/23
By Will Pulson - 8th April 2024
East Asia - Sales of commercial vehicles over 2 tons gvw in East Asia’s seven main markets, excluding China, continued to deteriorate in the fourth quarter of 2023, with sales falling by more than 14% to 321,617 units from 374,697 units in the same period of last year, based on data compiled from numerous industry sources including industry associations and vehicle manufacturers.
This compares with an 8% year-on-year decline in the third quarter, reflecting deteriorating sales in Indonesia, South Korea, Thailand, and the Philippines, which more than offsets positive performances in markets such as Japan and Malaysia. Economic growth slowed in key markets in the fourth quarter, including Indonesia, Malaysia, and the Philippines, reflecting mainly sluggish exports while high interest rates increasingly affected consumer spending. Japan slipped into a technical recession in the fourth quarter following a second consecutive quarter of economic contraction, also mainly on weak domestic consumption.
