Thailand’s auto industry has seen a remarkable recovery in April, thanks to the improved supply of semiconductors and the low base effect from last year.
According to the latest data from the Federation of Thai Industries (FTI), Thailand exported 79,940 finished cars in April, a 43.53% increase from the same month last year. The value of these exports reached 50.16 billion baht (about 1.45 billion US dollars), a 49.83% increase year-on-year.
Key Takeaways
- Thailand’s auto exports surged by 43.53% year-on-year in April due to a low comparative base and improved semiconductor supplies.
- The finished car export value also increased by 49.83% year-on-year to 50.16 billion baht, driven by higher shipments to Asia, Australia, and Middle East markets.
- However, domestic auto sales fell by 6.14% year-on-year in April, attributed to tighter loans for pickup trucks as interest rates increased.
The FTI expects the auto exports to continue growing in the coming months, as the global economy recovers from the impact of COVID-19 and the semiconductor supply improves further. However, it also warned of some potential risks, such as the rising cost of raw materials, the fluctuation of exchange rates, and the uncertainty of the COVID-19 situation both at home and abroad.
However, the domestic market remained sluggish, as auto sales dropped 6.14% year-on-year to 59,530 units in April, following an 8.37% decline in March. The FTI said this was due to the tighter credit conditions for pickup truck buyers, as well as the ongoing COVID-19 pandemic that has dampened consumer confidence and spending.
