The Federation of Thai Industries (FTI) recently released data showing that Thailand exported 79,940 finished cars in April, a 43.53% increase from the same month in 2017.
The increased supply of semiconductors and the weak base effect from the previous year have both contributed to the spectacular comeback in Thailand’s auto sector in April.
The Federation of Thai Industries (FTI) recently released data showing that Thailand exported 79,940 finished cars in April, a 43.53% increase from the same month in 2017. These exports had a value of 50.16 billion baht, or roughly $1.45 billion, up 49.83% over the previous year.
Thailand’s exports of automobiles increased 43.53% year over year in April as a result of a low comparative base and better semiconductor supply.
The value of exported finished cars also improved, rising by 49.83% year over year to 50.16 billion Thai Baht due to increasing shipments to markets in Asia, Australia, and the Middle East.
However, due to more stringent lending requirements for pickup truck purchases as interest rates rose, domestic vehicle sales declined by 6.14% year over year in April.
The FTI anticipates that when the global economy rebounds from the effects of COVID-19 and the semiconductor supply continues to strengthen, vehicle exports will increase in the months ahead.
The rising cost of raw materials, fluctuating exchange prices, and the unpredictability of the COVID-19 scenario both at home and overseas are just a few of the potential hazards that were mentioned.
However, the domestic market remained weak, with auto sales declining 8.37% in March and 6.14% year over year to 59,530 units in April. The ongoing COVID-19 pandemic, which has lowered consumer confidence and spending, as well as the stricter credit requirements for pickup vehicle buyers, according to the FTI, are to blame for this.
