Brunei vehicles market grows despite the global pandemic affecting sales in almost every market. Indeed, Full Year 2020 sales have been 12.183, up 2.3% compared to 2019. Toyota remains the undiscussed leader holding 24.7% of market share.
Economic Environment
Economic growth gathered pace in Q2, despite the constraining effects of the pandemic. A sizable acceleration in household spending, a much softer contraction in government consumption, and resilient export growth more than offset a sharper downturn in investment activity. Soaring output at the Hengyi Industries’ oil refinery and the petrochemical plant also supported growth in Q2.
However, activity likely lost some steam in Q3. Merchandise exports contracted in annual terms in July, mainly on the back of plunging foreign sales of crude oil and LNG. That said, imports surged in the same month, pointing to resilient domestic demand, and the positive health situation bodes well for activity ahead.
On the political front, the ministry of finance is reportedly preparing an economic blueprint focused on strengthening the private sector, which should improve the business climate in coming years.
Market Trend
The Brunei vehicle market has grown in 2020 despite the global COVID-19 pandemic impacting sales in many countries of the world.Â
The market hit its historical record in 2013, before starting to declining for four consecutive years down at 12.837 sales reported in 2017. In 2018 the demand fell in double-digits, in fact, full-year sales were 11.226 (-12.5%). The market started growing again in 2019 when 11.909 units have been sold (+6%).
Full-Year sales for 2020 have been 12.183, reporting a 2.3% increase compared to 2019.
Brand-wise, this year the leader Toyota (+0.9%) lost 0.3% market share, followed by Suzuki (+2.6%) which gained 0.1% share. Kia (+5.4%) was in the third position and gained 0.3% market share.
The most sold model in the country this year is the Suzuki Swift with 801 sales (-3.6%), holding 6.6% market share.
