Vehicle registrations fell over the month

Vehicle Registrations November 2017


  Nov 17 Oct 17
Sep 17
Aug 17

New Registrations
274 329 311 374

The total number of new vehicles registered in November 2017 decreased by 55 registrations (16.7%) to a total of 274 vehicles compared to a total of 329 registered last month. The decline in the total number of vehicle registrations was due to a fall in all vehicle categories registered during the month. This is a similar trend compared to the same period of last year. The registrations of light vehicles decreased the most by 21 (18.3%), followed by a fall in the registrations of heavy vehicles, motor cycles and taxis & rentals vehicle by 9 (33.3%), 8 (88.9%) and 7 (20.0%) respectively. In addition, registration of cars fell by 5 (3.7%), buses by 3 and vehicles for Government by 2 vehicles. Additionally, the decrease in the total number of vehicle registrations coincided with the fall in vehicle import payments of $0.9 million (45.8%) in November 2017.

Over the year to November 2017, the total volume of vehicles registered rose by 390 (11.6%), reflecting the continued strong demand for vehicles. Majority of the annual rise were for cars which rose by 176 (12.6 %) followed by an increase in light vehicles and taxis & rentals registrations by 96 (7.5 %) and 63 (23.0%) respectively. The annual rise was in line with the $2.5 million (0.1%) increase in import payments for vehicles recorded in the Overseas Exchange Transactions reports. Moreover, the rise in the purchasing power of the returning Recognised Seasonal Employees (RSE) may have also contributed to the annual rise. The annual increase in the level of vehicle registrations can also be attributed to the availability of hire purchase options for consumers wishing to buy vehicles, and the convenience of purchasing vehicles online.

Looking forward, vehicle registrations are projected to continue to rise in the near term despite the progressive increase in petrol prices. This is supported by the latest actual data on vehicle registrations available from the Ministry of Infrastructure. The return of Recognised Seasonal Employees from Australia and New Zealand also supported the expected rise. Additionally, celebration of the upcoming holidays and Christmas season may contribute to higher demand for vehicles. Furthermore, preference for second hand cars ordered online from Japan by locals is expected to remain high as the price is cheaper and therefore, more vehicles would be imported in the future.


Resources

Vehicle Registrations - November 2017
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