Naamsa has released their New Vehicle Sales statistics for March 2023. Unfortunately, the report indicates a year-on-year decline of 0,6% due to a number of factors, including the shrinking disposable income of consumers and a national shutdown that occurred in mid-March.
Despite this, there is some good news to be found in the report, as export sales showed an increase compared to February 2023.
According to Naamsa, export sales recorded an increase of 1 026 units or 3,1% to 34 134 units in March 2023 compared to the 33 108 vehicles exported in March of last year.
The month-on-month export sales reflected an increase of 3 922 units or 12,9% for March 2023 at 34 134 units, compared to the 30 212 export vehicle units recorded for February 2023. This is a positive trend for the industry, as the year-to-date vehicle exports recorded at 84 774 units were 4,2% below the level of the corresponding period in 2022, recorded at 88 363 units.
Top 5 exporters for March
- Volkswagen Group SA – 10 029
- Mercedes-Benz – 7 075
- BMW – 5 988
- Ford Motor Company- 5 708
- Toyota – 3 804
The report notes that the overall performance of vehicle sales and export sales have been steadily increasing but the industry is facing some significant challenges. The continued monetary policy tightening, domestic and global slowing growth, as well as energy shortages are all expected to have a greater impact on the industry in the future. Additionally, the effects of interest hikes and the recent Human Rights Day holiday, as well as the National Shutdown on the 20th of March 2023, have all impacted the industry’s performance in the short term.
Related: Top 5 best performing Passenger brands – March 2023
Despite these challenges, vehicle production is ramping up and there is reason to believe that the industry will continue to see steady growth in the coming months. However, it is clear that the industry will need to remain vigilant and adaptable in the face of ongoing challenges in order to maintain its momentum.
