Gabon vehicles market in 2020 reports modest losses as the pandemic influences sales. Indeed, 1.541 units were sold Year To Date until August, losing 5.2% compared to last year. Toyota (-1.1%) remains the leader, followed by Ford (-17.9%). Nissan was the best performer, soaring tenfold.
Gabon is a central African country rich is natural resources. With a population of 1.7 million over a surface area of 268,000 square kilometers, Gabon is a sparsely populated country with forests covering 85% of the territory. Gabon is an upper-middle-income country.
The fifth largest oil producer in Africa, it has experienced strong economic growth over the past decade, driven in particular by oil and manganese production. On average, over the past five years, the oil sector has accounted for 80% of exports, 45% of GDP, and 60% of budget revenue.
However, the country is facing a decline in its oil reserves. The Gabonese government has therefore based its new strategy on economic diversification.
Market Trend Year To Date
In Gabon 1.541 units have been sold until August 2020, reporting a loss of 5.2% compared to last year. This negative trend in the market reflects the impact of the pandemic in the region, where infections started growing exponentially in May.
Brand-wise, Toyota remains the leader while losing only 1.1%, followed by Ford, losing 17.9%, and by Isuzu, gaining 4.4%. The worst top 10 performance was registered by Renault, losing 34% sales, while Nissan soared more than any brand, with a 1050% increase.
Medium Terms Market Trend
The recent economic crisis generated by the fall of oil price in the international market, hit the new vehicles demand and market declined in the last 5 years. Indeed, after the record scored in the 2013 with 5.735 units, sales declined at a very little 2.013 in 2018.
In 2019, the market managed to react, signing a sign of recovery. Indeed, Full-year sales have been 3.279, surging 13.3% from the previous year.
In Q1 2020 612 units were sold, a 1% increase compared to last year, illustrating a stable market. Subsequently, in the First Half of the year, the market was hit by the COVID-19 pandemic, leading First Half figures to 1.1129 units with a loss of 7.2%.
Tables with sales figures
In the tables below we report sales for the Top 10 Brands
Taiwan. Best selling cars ranking in the 2020
Wednesday September 23, 2020
Taiwan Best Selling Cars ranking in 2020 finally reports a new leader after decades of Toyota Corolla domination. In fact, the Toyota Rav4 takes the throne with 8.8% market share. Meanwhile, the Lexus NX ends up in the leaderboard, jumping 4 spots to reach 10th position. This year the Toyota Rav4 takes the throne, with […]
This content is for members only. Visit the site and log in/register to read.
Paul Tudor Jones: A magical moment in a great documentary
Saturday November 21, 2020
The documentary is a fascinating and brief slice in the work life of Paul Tudor Jones, one of America’s all time great macro traders. There’s this one moment that really stands out to me, where Jones, after losing about 5% of his portfolio in a single terrible trading day (at that time, ~$6M dollars), says […]
The post Paul Tudor Jones: A magical moment in a great documentary appeared first on Celadon Saigon.