New vehicle sales in Indonesia continued to decline in November 2019, by almost 10% to 90,798 units from 100,738 units in the same month of the previous year, according to wholesale data compiled by industry association Gaikindo.
Economic growth in the country was sluggish in 2019, with the latest data showing GDP expanded by just over 5% year-on-year in the third-quarter – slightly lower than the 5.1% growth seen in the first half of the year. Exports declined last year and investment slowed sharply. Bank Indonesia reversed its previous year's tightening policy, which was mainly aimed at supporting the rupiah, with four 25 basis point cuts last year to 5.0% to help stimulate domestic consumption.
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In the first eleven months of 2019 total vehicle sales declined by 11.5% to 940,362 units from 1,063,042 units in the same period of the previous year, with full-year sales expected to come in at around 1.02 million units.
Sales of passenger vehicles declined by 10.7% to 721,097 units in the eleven-month period, while commercial vehicle sales declined by 14.1% to 219,265 units.
Toyota's cumulative eleven-month sales declined by 6.5% year-on-year to 304,344 units; while Daihatsu's sales were down by 10.7% at 166,429 units; Honda's 125,034 units (-16.1%);Mitsubishi Motors 109,195 units (-18.6%);and Suzuki 90,267 units (-17.7%).
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