Thailand experienced a significant surge in auto exports during April, driven by a favorable comparison to the low base of the previous year and improved semiconductor supplies, according to data released on Wednesday.
The Federation of Thai Industries (FTI) reported a remarkable year-on-year increase of 43.53% in finished car exports for April, reaching a total of 79,940 units. The export value of finished cars soared by 49.83% compared to the previous year, amounting to 50.16 billion baht (approximately 1.45 billion U.S. dollars). This surge was primarily attributed to higher shipments to the Asia, Australia, and Middle East markets, as highlighted by Surapong Paisitpattanapong, the FTI’s spokesperson and vice president of the automotive industry club.
In terms of production, auto manufacturers in Thailand produced 117,636 vehicles in April, registering a marginal decline of 0.13% compared to the same period last year. This slight dip was attributed to lower production for the domestic market, as explained by Surapong during a news conference.
However, domestic auto sales faced a setback, declining by 6.14% year on year in April to 59,530 units. This followed an 8.37% drop in March and was primarily influenced by tighter loan conditions for pickup trucks due to increased interest rates.
The robust performance of Thailand’s auto exports in April, supported by improved semiconductor supplies, showcases the industry’s resilience and recovery. While domestic sales faced challenges, the export market proved to be a strong driver of growth for the country’s automotive sector.