Thailand’s auto production in April totaled 89,179 units, a drop of 48.15 per cent from the month earlier due to the impact of the earthquake and tsunami in Japan in March, a natural calamity which led to a drop in production capacity by half, Vice Chairman of the Federation of Thai Industries FTI Suparat Sirisuwannangkoon said.
Auto production from January through April amounted to 558,160 units, a 15.16 per cent rise year-on-year.Auto production for export in April totaled 43,423 units equivalent to 47.57 of the whole production and dropped by 27.89 per cent year-on-year. Auto production for domestic sales in April totaled 45,756 units equal to 51.31 per cent of the whole production, a 1.92 per cent increase year-on-year as the domestic car sales remained high. Domestic car sales in April totaled 67,283 units, a 27.66-per cent drop from the previous month but 17.8-per cent increase year-on-year.
Car sales growth can be seen from the improved economy and consumer confidence as well as a growing market for new sedan models and eco cars. Motorcycle sales totaled 150,213 units, an 11.67 increase year-on-year but dropped by 21.81 per cent from the previous month. Car sales from January-April registered 305,902 units, increased by 36.6 per cent, compared to the same period last year while motorcycle sales were recorded at 671,204 units, down 11.69 per cent from the same period last year.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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