Brunei cars sales fell in double-digit during the first half 2015 hit by the sharp economic contraction due to the low oil price in the international markets. Toyota kept the leadership with 25% of market share.
Following Q1’s sharp 6.6% annual contraction, the Sultanate’s economy recovered in Q2 and expanded a modest 1.5%. The turnaround mainly resulted from increased oil production and suggests that a mild recovery in the oil and gas sector, which accounts for the largest part of Brunei’s GDP and state revenues, is underway.
On 5 October, Brunei and 11 other countries reached an agreement on the Trans-Pacific-Partnership (TPP) deal, which aims to liberalize and boost trade among the member countries. However, before implementation, the deal still needs to be ratified by lawmakers in all countries.
The sharp reduction of oil price in the international market hit severely the Brunei Sultanate economy resulting in contraction of consumer’s good consumption and effecting the demand for new vehicles since the last quarter of 2014.
Following the record volume hit in the 2012 and 2013, last year reported a little decline. However, according to data released by the Brunei Automobile Traders Association (BATA), in the 2015 the market is losing since January and in the first half of the year the new car passengers sold have been 7.884, down 11.5% compared with the correpsondent period last year.
Furthermore, preliminary data on the third quarter report on a further high market decline, in the range of 30%.
Toyota has been again the market leader with near 2.000 sod in the firrst half and 25.0% of market share. It is folowed by Kia with 906 units, Mitsubishi with 709 and Nissan with 665.
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