June sees a decelerated growth rate of 5.9% in PH vehicle output

The growth in local vehicle production experienced a further slowdown in June, dropping to single-digit levels for the first time this year. This trend was reflected in other ASEAN countries as well.

According to data released by the ASEAN Automotive Federation, the Philippines produced 8,506 motor vehicle units in June. While this represents a 5.9% increase compared to the same month last year, it indicates a notable deceleration compared to the growth seen in the previous five months.

The country’s vehicle output started strongly in February with a growth of 60.3%, which further accelerated to 67.2% and 76.6% in February and March, respectively. By April, the growth rate slowed to 32.1% and further declined to 23% in May.

Despite the slowdown, the June performance demonstrates that the local automotive manufacturing industry continues to grow on a monthly basis, sustaining an eleven-month growth streak since August of the previous year.

In terms of production volume, Thailand remains the leader with 145,557 vehicle units produced in June, experiencing a 1.8% growth. This contrasts with the 16.5% growth reported the previous month. Indonesia follows with a production volume of 109,609 units, but witnessed a decline of 7.7%.

Malaysia ranked third with 58,051 units, experiencing a decline of 3.1%, while Vietnam produced 13,298 units, representing a decline of 25.8%. Myanmar remained in last place, producing only 140 units, marking a decline of 65.8% compared to the same month last year.

Year-to-date, the Philippines leads its regional peers in terms of growth with a 41.3% performance, but remains second-to-last in terms of production volume, having produced 56,973 vehicle units.

Overall, the six ASEAN countries produced a total of 2,117,365 motor vehicle units in the first half of the year, representing a 5.2% increase compared to the same period last year, which saw an output of 2,012,535 units.

The Philippines also led in terms of growth in the production of motorcycles and scooters in the first half of the year, recording a 57.4% growth with the assembly of 56,973 units. Indonesia had the second highest growth rate at 33.8%, while remaining the top producer of these two-wheeled vehicles among the five countries, with an output of 3,470,652 units.

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