For the month of June 2015, Thai car and truck exports have shrunk by 26.14% year-on-year to just 76,774 units, said Surapong Paisitpatanapong, Chairman of the Federation of Thai Industries' (FTI). Production of cars and trucks for exports have fallen by a total of 16.85%.
According to a Bernama report, the chairman also noted that total automotive exports, which includes engines, automotive parts and spare parts have significantly decreased by 20.97% to 56.872 billion baht (RM6.2 billion). Although figures recorded last month were weaker, exports for the January to June period showed an increase of 2.86% to 576,073 units, as compared to the first six months of last year.
Domestic car sales is also weak, down by 18.4% with just 60,217 units sold compared to the year before. For the first six months of 2015, total sales is 16.3% lower compared to the first half of 2014.
The chairman said that slowing private investments, weak prices of agricultural products, high household debt (which has resulted in stricter loan conditions from banks) and slower government spending have all brought about lower purchasing power. This, in turn, contributed to weak domestic sales.
Despite that, production of automobiles for the domestic market has risen by 17.09% to 64,725 units, with total domestic production standing at 151,698 units for the month of June.
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