FTI Automotive Industry Division Spokesperson Surapong Paisitpattanapong stated at a news conference that car exports increased by 4.84% YoY in March, following an 11.42% rise in February. This news comes as Thailand’s car manufacturers, including Toyota and Honda, rely on the country as a regional production and export base.
While rising car production and exports are seen as positive signs for Thailand’s economy, the domestic car sales fell by 8.37% YoY in March. Tighter loans for trucks caused by a rise in interest rates were the primary cause of this decrease, following a 3.94% drop in February.
The automotive industry has been a significant source of income and employment in Thailand, contributing to around 10% of the country’s GDP. Thailand’s economy has been severely impacted by the pandemic.