BANGKOK, 14 June 2019 (NNT) – The Thai vehicle production yield in May 2019 was lower by 6.11 percent year-on-year due to implications from both domestic and international markets, says Federation of Thai Industries.
The Federation of Thai Industries’ Vice Chairman and Automobile Industry Club Spokesman, Surapong Paisitpatnapong announced yesterday that vehicle production in May 2019 was 181,338 units, which is 6.11 percent lower than the previous year due to declines in both domestic and international markets.
The production yield for export was 94,476 units, which is a reduction of 8.11%, especially the production yield in sedan exports which was 31,657 units, an 18.86% reduction, while the production yield of pick-up trucks for export was 62,819 units, which is a 1.53 percent decline.
These figures correspond to lower vehicle exports of 95,331 units, which is a 3.585% decline, resulting from lower exports to all markets except Asia, the Middle East, Europe, and North America. The total export value for May 2019 was 48.65 billion baht, which is a 6.22% reduction.
The automobile production yield for domestic sales was 86,862 units, lower by 3.83%.
The production yield of sedan cars for domestic sales was 39,690 units, a 3.57% decline, while the production yield of pick-up trucks for domestic sales was 44,436 units, a 3.54% decline.
Positive factors from the growing domestic economies, the government’s measures to help farmers and low-income earners, investments by the government and the private sector, high numbers of international visitors, and the introduction of newer car models, have however contributed to 3.7% growth in domestic vehicle sales at 88,097 units. It is expected pick-up trucks will continue to sell well, given high market demand and continuous growth of the export sector.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
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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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