Thai car sales increase at slower pace in June; exports fall

0

BANGKOK: Domestic car sales in Thailand grew at a slower pace in June due to a weak base, but are on track to meet this year’s target of increased tourism and activity after an easing of pandemic curbs, the Federation of Thai Industries (FTI) said on Monday.

Car exports, however, are expected to hit 900,000 units, short of the 1 million target, squeezed by war in Ukraine and a shortage of auto parts and semiconductors, the FTI said.

Thailand is a regional vehicle production and export base for the world’s major automakers, including Toyota and Honda. The industry accounts for about 10% of Southeast Asia’s second largest economy and its manufacturing jobs.

Another concern is neighboring Myanmar’s ban on importing cars, where Thailand typically exports thousands of cars each year, said Surapong Paisitpattanapong, spokesperson for FTI’s automotive industry division, during a briefing. ‘a press conference.

In June, domestic sales rose 4.58% from a year earlier after rising 15.71% in May, while annual car exports fell 11% last month.

“Domestic car sales are still good, but car exports still need to improve,” Surapong said.

Local car sales are expected to rise 12% to 850,000 units this year, the upper end of a forecast range, he said, adding that this included 50,000 imported cars.

Separately, Toyota Motor’s Thailand unit expects its car sales in Thailand to increase 21% to 290,000 units this year, a market share of 33%, the company said in a statement https://www. .toyota.co.th/en/news/oODvVKlR5NEjgx3Z on Monday.

(Writing by Orathai Sriring; Editing by Martin Petty)

Share.

Comments are closed.