TOKYO: Export sales of automotive parts and components fell 10 percent in 2014 to $890 million from $989 million in 2013, Toyoto Group said Wednesday.
Toyota Group, which includes companies manufacturing vehicle components, said the figure fell below the original target of $1 billion and revised forecast of $897 million.It said this year, it would push for exports target of $1 billion again.
Toyota vice president for communications Rommel Gutierrez said the year-long effect of port congestion in Manila and the volatile political situation in Thailand were among the factors behind the lower exports in 2014.
The group said for 2015, the booming Philippine auto market would be an additional source of growth for parts suppliers. Toyota Group committed to pour more investments in the country to prepare for export recovery and meet the rising local demand for auto parts.
It said new investments were expected to reach P7.5 billion in 2014 to 2016, including for new projects and higher localization of the Vios.
