MANILA, Philippines - Automotive parts exports of the Toyota Group in the Philippines dipped three percent in 2013 from a year earlier due to the decline in volume requirements in other countries.
Toyota Motor Philippines Corp. (TMPC) vice president for corporate affairs Rommel Gutierrez said the group’s exports reached $940 million last year, down slightly from $965 million in 2012.
“The decrease was due to the reduction in volume to the US, Japan and Thailand,” he said.
But while exports decreased last year, he said the group is aiming for exports to rise six percent this year to reach $1 billion.
“(We expect) a slight increase in various parts and components,” he said.
Earlier, the group said it is optimistic export sales would increase this year based on the expansion plans reported by its individual suppliers to the Philippine Economic Zone Authority.
Among those planning to expand this year are TRP Inc., Philippine HKR Inc., Philippine Auto Components Inc., Jeco Autoparts Philippines Inc., Koyo Manufacturing (Phils.) Corp., and Technol Eight Philippines Corp.
The Toyota Group includes Toyota Autoparts Philippines Inc. (TAP) and other domestic makers of vehicle parts shipped to Toyota’s assembly plants in other parts of the world.