New-car sales in Southeast Asia’s six major markets climbed 5% on the year to 281,366 vehicles in May, about the same rate as in April, but poor growth in Thailand leaves automakers cautious.
Thailand experienced four straight months of double-digit growth through April but achieved only a 1% gain to 66,422 units in May.
Sales fell for pickup trucks, which account for about half of the country’s new-car market. Sales of passenger cars edged up just 4% in May after 23% growth the prior month.
Thai sales were brisk to kick off the year, aided by consumers willing to reopen their wallets after adjusting to a carbon-based excise tax for new vehicles introduced in January 2016. Some think that May’s deceleration is just temporary, but all automakers will be watching how sales progress.
Indonesia, the region’s largest market, has been stable. Sales in May grew 6% to 93,775 units. Low-cost environmentally friendly vehicles continued to sell at a pace of 20,000 per month. All eyes are now focused on the results of the Ramadan sales battle taking place this month.
The region’s six leading markets also include the Philippines, Malaysia, Vietnam and Singapore.
From January to May, new-car sales in Southeast Asia jumped 8% on the year to 1,365,132 units, the first time in three years that aggregate sales through May have topped 1.3 million.
ASEAN pushes forward on upholding human rights in business
The two-day dialogue took stock of recent progress among ASEAN Member States in implementing the United Nations Guiding Principles on Business and Human Rights (UNGPs)
BANGKOK, 13 June 2019 – ASEAN continues to push forward on upholding human rights in pursuit of economic prosperity as the ASEAN Intergovernmental Commission on Human Rights (AICHR) conducted the 2019 AICHR Interregional Dialogue: Sharing Good Practices on Business and Human Rights on 10-11 June in Bangkok, Thailand.(more…)
Vietnam and Thailand top destinations for Russians
Thailand to host next ASEAN Summit in Bangkok on 22-23 June
Thailand’s trade with ASEAN in 2018 was worth 100.7 billion US dollars, which is a 10.4 percent increase from the previous year.
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