Indonesian car sales growth slows in October 2023

Transportation & Logistics

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Cindy Mutia Annur 14/11/2023 14:09 WIB

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Domestic wholesale sales of automobiles from factories to dealers slowed in October 2023.

Monthly Wholesale Sales Volume of Domestic Passenger Cars (October 2022-October 2023)*

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Indonesian car sales growth slows in October 2023

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Monthly Wholesale Sales Volume of Domestic Passenger Cars (October 2022-October 2023)*

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Domestic car sales from factory to dealer (wholesales) in Indonesia slowed in October 2023.

According to the Indonesian Automotive Industry Association (Gaikindo), wholesale car sales in October 2023 reached 80,270 units, a slight increase of 0.43% compared to the previous month (month-on-month/mom).

Despite the slight monthly increase, Indonesia's wholesale car sales performance in October 2023 plunged 13.85% compared to October 2022 (year-on-year/yoy), which totaled 93,194 units.

Cumulatively, wholesale car sales in the domestic market from January to October 2023 reached 836,048 units. This figure is down 1.8% compared to January-October 2022 (cumulative-to-cumulative/ctc), which amounted to 851,411 units.

According to Kukuh Kumara, Secretary General of the Indonesian Automotive Industry Association (Gaikindo), car sales throughout 2023 have slowed due to external factors.

"Wholesales increased by 0.4% month-on-month, but decreased by 13.9% year-on-year. This started in the United States, with the Inflation Reduction Act (IRA) and relatively high US dollar interest rates causing capital repatriation to the US," said Kukuh, as reported by CNBC Indonesia on Monday, November 13, 2023.

However, Kukuh believes this effect is temporary. He hopes that wholesale car sales will recover, even if the increase is slight.

"We hope that sales will increase this month; October saw a 0.4% increase, and we hope to see recovery in November," said Kukuh.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."