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Wednesday, June 19, 2024

Indonesia emerges as top auto exporter to Vietnam

The Saigon Times

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HCMC – Indonesia has overtaken Thailand as the leading exporter of cars to Vietnam so far this year, showed data from the General Department of Vietnam Customs.

The total volume of completely built-up (CBU) autos imported from Indonesia has surpassed those from other countries.

The data showed a fall in Vietnam’s auto imports compared to the corresponding period in 2023. In the year to February 15, imports of CBU autos had dropped by 11,520 units, or 51.6%. In terms of value, the decline had amounted to US$255.5 million, or 54%, year-on-year.

In January alone, Vietnam imported 6,955 CBU vehicles worth over US$145 million. However, they were down by 9.1% in volume and 17.2% in value against December 2023. When compared to January 2023, the decrease was even more pronounced, with imports plummeting by 51.8% in volume and 53.7% in value.

The slide has continued into February, with the country importing 3,925 CBU autos in the first half of the month, amounting to US$76.3 million. Both volume and value plunged by over 50% year-on-year.

Despite the overall fall, imports from Indonesia have surged, with 2,647 units valued at US$35.3 million imported in January alone. This made Indonesia the top car export to Vietnam during this period.

Following Indonesia were China, with 1,987 units imported and valued at US$47.1 million, and Thailand, with 1,858 units imported for US$35.8 million.

In 2023, Vietnam imported a total of 118,942 CBU autos worth US$2.83 billion. However, the figures were down by 31.5% in volume and 26.3% in value against the previous year.

Thailand was the largest car seller to Vietnam last year, followed by Indonesia and China. They sold 53,940 cars, 42,680 cars, and 11,000 cars for US$1.14 billion, US$607.5 million, and US$394.2 million, respectively, in 2023.

These three markets collectively accounted for 90.48% of Vietnam’s total automobile imports in the year.

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