Japanese vehicle output down 17.2% y/y in December but up 18.4% y/y during 2012

The decline in Japan's domestic vehicle output levels continued for a fourth straight month in December but government incentive-led demand still helped full-year output levels achieve double-digit growth.

The Japan Automobile Manufacturers Association (JAMA) today (31 January) released vehicle production and export data for December and calendar year 2012. According to the data, Japanese automakers together produced 702,285 vehicles at their domestic plants in December, down 17.2% year-on-year (y/y). By vehicle type, passenger car output fell 17.7% y/y to 596,158 units and truck output fell 15.1% y/y to 96,349 units, while bus output contracted 5% y/y to 9,778 units. Automobile exports during the month stood at 399,589 units, down 12.7% y/y. Total value of vehicles exported in December was USD12.9 billion, down 9.4% y/y. By destination, export shipments declined to all regions worldwide except the Middle East, where exports grew 25.6% y/y during the month. The biggest y/y drops in Japanese vehicle exports came in Europe (29.7%) and Asia (19.5%). The largest export market for Japanese vehicles, North America, saw shipments decline 13.5% y/y to 168,603 units, including 154,325 units to the United States alone, down 11.3% y/y.