27 Feb, 2008
TAIPEI, Taiwan -- Statistics indicate that new car registrations in Taiwan have declined over 30 percent in two years, a clear sign that the country's car market is continuing to shrink as a possible result of soaring global oil prices, according to a press report issued Saturday by the Taipei City Motor Vehicles Office.
In 2007, 366,022 new cars were registered nationwide, showing a 9.6 percent decline year-on-year, according to the press report. Compared with the 2005 figure of 545,856, the downsizing could be expanded to a 33 percent decline, the report said.
The report attributed the decline mainly to high crude oil prices and a weakening global economy.
Another possible reason could be that car loans are getting tougher, as banks all over the world tighten their lending policies, the report said.
In contrast, mass transport was given a boost, with passenger numbers hitting a record high of 1.04 billion in Taipei in 2007, representing an increase of more than 4 percent year-on-year, showing that urban commuters are more inclined to use public transport.
The economic slump has also forced car buyers to turn to the used car market, with a recorded 1.37 million car registration changes in 2007, showing a 20,000 year-on-year increase, the report pointed out.
Sources:- http://www.chinapost.com.tw/taiwan/2008/02/25/144356/World-fuel.htm |
