Vehicle registrations slowed over the month

Vehicle Registrations
August 2016

  Aug 16 Jul 16
Jun 16
May 16

New Registrations
254 307 300 360

Vehicle registrations slowed over the month

The total number of vehicle registrations declined over the month of August 2016. Almost all categories fell except government vehicle registrations. Light vehicles fell by 19 vehicles (15.4%), cars decreased by 15 vehicles (12.4%), heavy vehicle by 11 vehicles (31.4%) and other vehicle, which includes taxi & rentals, bus and motorcycles declining by 8 vehicles (28.6%). The lower level of vehicle registrations over the month coincides with no new commitment on loans for vehicles in August. However, vehicle import payments slightly increased by $0.1 million (11.3%) which may reflect the prepayments of vehicle ordered online.

In year ended terms, vehicle registrations have been rising rapidly since August 2011. This is consistent with the reduced import duty on vehicles older than 10 years imposed by Customs Department and the rise in vehicle import payments over the year by $3.2 million (70.2%) to $12.3 million. Furthermore, demand for vehicles has been increasing partly due to increase in purchasing power for returning Recognized Seasonal Employees (RSE) workers from overseas which contributes to the annual rise.

Looking forward, vehicle registrations are projected to increase firmly 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 - August 2016






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