Asian vehicle sales face new slowdown<\/p>\n
SINGAPORE (AFP): After accelerating for two years, car and
\ntruck sales in Asia are facing a fresh slowdown in 2001 as
\nregional economies falter, but it will be more manageable than
\nthe fall during the last Asian crisis, an industry monitor said
\nFriday.<\/p>\n
"It could be worse," London-based industry strategists
\nautopolis said in a statement released here, noting that 2000
\nmarked a record year in some countries. It also said sales in a
\nnumber of markets continued to hold up well this year despite
\n"jitters in America."<\/p>\n
It predicted a 4.3 percent year-on-year decline in vehicle
\nsales in Asian countries to under 11.44 million units in 2001,
\nfollowing increases of 7.8 percent in 2000 and 11.6 percent in
\n1999. Autopolis predicted a milder fall in 2002 before a pick-up
\nin 2003.<\/p>\n
Car and truck sales in Japan are likely to fall only slightly
\nthis year, although production will decline more than sales, and
\nthe market in China will continue to grow. While Indian sales are
\ndropping, the threat from used-vehicle imports has largely been
\naverted.<\/p>\n
Although Southeast Asian markets are easing back after a
\ncomfortable six months, sales should still grow in Malaysia in
\n2001, while demand in South Korea has continued to expand,
\nautopolis said. Taiwan, however, will see a marked decline.<\/p>\n
Autopolis attributed the new slowdown, following the recovery
\nfrom the 1997-98 Asian crisis, to the drop in Asian countries'
\nexports to the US market, the hike in oil prices and declines in
\nregional share prices and currencies.<\/p>\n
Some Asian countries including Japan could face a new economic
\ncrisis, autopolis said.<\/p>\n
"It's not all rosy. But when sales in the US are going to drop
\n20 percent and with a 10 percent fall coming in Europe, the
\noutlook for Asia is not bad at all," said Graeme Maxton, an
\neconomist with the firm.<\/p>\n
The China market was forecast to hit 2.14 million units in
\n2001, up from 2.09 million in 2000.<\/p>\n
In four key Southeast Asian markets -- Indonesia, Malaysia,
\nthe Philippines and Thailand -- autopolis predicted a 9.9 percent
\nfall in vehicle sales to 892,000 in 2001, following a robust 61.4
\npercent jump in 2000.<\/p>",
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