Thailand’s automobile exports experienced a remarkable surge in April, primarily driven by the favorable comparison with the previous year’s low export figures and an improvement in the supply of semiconductors. According to the Federation of Thai Industries (FTI), the country witnessed a substantial year-on-year increase of 43.53% in finished car exports, totaling 79,940 units.
Surapong Paisitpattanapong, Vice President and spokesperson for the FTI’s automotive industry club, revealed that the export value of finished cars in April skyrocketed by 49.83% compared to the previous year, reaching an impressive 50.16 billion baht (approximately US$1.45 billion). This remarkable increase can be attributed to a surge in shipments to the markets of Asia, Australia, and the Middle East.
During a press conference, Surapong disclosed that auto manufacturers in the country produced a total of 117,636 vehicles last month, experiencing a minor decline of 0.13% when compared to the same period the previous year. This decline was mainly a result of reduced production for the domestic market.
Furthermore, Surapong highlighted a decline in domestic auto sales, which dropped by 6.14% year-on-year in the previous month, amounting to 59,530 units. This decline followed a previous drop of 8.37% in March. The decrease can be attributed to stricter loan regulations for pickup trucks, as interest rates rose, making it more challenging for consumers to secure financing for vehicle purchases.
Thailand’s automotive industry has witnessed a remarkable rebound in its export figures due to improved semiconductor supplies and a favorable comparison with the previous year’s low base. However, the domestic market continues to face challenges with declining sales, primarily driven by tighter loan regulations and increased interest rates for pickup trucks. Despite these challenges, the country’s automobile manufacturers remain optimistic about the future, focusing on expanding their export markets to sustain growth in the industry.
