Demand for light vehicles and cars continue to drive rise in registrations
- Category: Economic Release
- Posted: 04 April 2017
Vehicle Registrations October 2016
|Oct 16||Sep 16||Aug 16||Jul 16
Vehicle registrations increased by 65 vehicles (23.1%) over October 2016. This is higher than the monthly growth recorded over October 2015. Additionally, it is the second highest monthly vehicle registrations after the peak of 360 registrations in May 2016. More registrations of light vehicles and cars largely contributed to the monthly rise. Cars increased the most by 48 registrations followed by 41 registrations for light vehicles. Furthermore, taxis and rentals recorded 5 vehicle registrations (35.7%) during the month, whilst the remaining categories noted fewer registrations than the previous month.
Despite the rise in vehicle registrations over the month, vehicle import payments slightly decreased by $0.03 million (1.4%) reflecting the time lag between the payment for imports and the arrival of the vehicles in Tonga.
Over the year, the number of vehicles registered increased by 90 vehicles (35%) driven by rises in all vehicle types except taxis and rentals, and government vehicles. The majority of the annual rise was for cars and light vehicles which increased by 40 (30.2%) and 50 (34.5%) vehicle registrations respectively. In addition, vehicle import payments rose over the year by $6.9 million (71.8%) to $16.4 million.
Looking forward, vehicle registrations are projected to remain firm in the near term, despite the expected increase in fuel prices. Anticipated growth for the tourism sector is expected to have positive spill over effects on the transportation sector, and therefore vehicle registrations, specifically for public transport, car rental providers, and taxis.
Download the full report: Vehicle Registrations - October 2016