Auto export drops by 24 per cent in the first two months

The Automobile Industry Group reported auto export drops by 24 per cent in the first two months of this year because of global economic crisis.

Spokesperson for the Automobile Industry Group of the Federation of Thai Industries (FTI) Suraphong Phaisitphatthanaphong revealed that in January and February Thailand could export 94,063 cars, decreasing from the same period of last year by 24.49 per cent with the export value at 43.539 billion baht decreasing from the same period last year by 23.11 per cent.

Meanwhile there were 34,361 cars sold in the country in February, decreasing from the same period of last year by 30.7 per cent, because of the decreasing purchasing power during the global financial crisis and the strict lending policy of financial institutions in the country, including the fall of agricultural product price and the number of foreign tourists

Source: National News Bureau of Thailand - 23 March 2009

Thai auto exports down 31%

Thai auto exports plunged more than 31 per cent in February from a year ago as the global economic crisis slowed demand from foreign markets, an industry group said on Monday.

Thailand exported 44,609 cars and trucks worth 20.50 billion baht (S$869 million) last month, down 31.15 percent in value compared to February 2008, the Federation of Thai Industries said.

'Our auto exports fell a lot last month in our major markets including Australia and Asia - actually from nearly every region except the Middle East,' said Surapong Paisitpatanapong, spokesman of the federation's auto unit.

Total auto production for both domestic and foreign markets dropped to 61,067 units in February, down 50.57 per cent from the same period last year.

'We are truly worried as our export sales in February slipped more than expected. Our total production last month also fell by more than half,' Mr Surapong said.

He said the federation hoped that the situation would improve in March and added that the industry had not yet planned to adjust its projections for this year.

The federation has predicted that overseas shipments for 2009 will be down 25 percent. Industry groups have forecast that domestic sales will likely slip 15 per cent this year.

Thailand has positioned itself as a key regional production base for foreign automakers, but the industry has been hard hit by the global economic crisis.

Source: AFP - 23 March 2009