Published on : May 25, 2015
The automotive sector in Thailand showed slowed growth again in the month of April, due to drop in sales and domestic production. The exports in the automotive in the sector exhibited positive growth on account of recovery in foreign markets.
As per, The Federation of Thai Industries’ Automotive Industry Club announcement on Monday, the vehicle production in the country dropped by 21.8% this year to 123,968 vehicles in April.
The recent number was 30.44% drop on a month basis, which the FTI related to the long traditional holiday on account of the Thai New Year, which led to fewer production days.
However, for the first four months in 2015, the total production was 0.67% more than last year which was 648,508 units.
The sale of domestic vehicles also fell by 26.2% in April from the previous year, and by 54,058 units in March compared to last year. This all can be summed up due to weak buying power of the farmers as a consequence of low agricultural prices and strict loan approvals both by private as well as commercial banks.
In the first four months of 2015, the domestic sales dropped by 15.3% on the year to 251,845 units.
However, the export business in the country surges by 17.66% on the year in April which was 82,130 units which is attributed to increased shipment of Eco-cars to North America and Europe, and also due to recovery in Asia and Australia. By value, the auto shipments in Thailand registered a 18.21% on the year increase to US$1.16 billion.
Since the beginning of 2015, the complete overseas shipments of vehicles produced in Thailand was 410,362 units, which is a 13.58% on the year increase.