According to a report by Bangkok Post, the Federation of Thai Industries (FTI)’s automotive industry club announced yesterday that the nation’s export value fell by 9.9% year-on-year to 112,565 units.
The organization also added that total export value fell by 9% from September of last year to 58.8 billion baht.
FTI’s spokesman Surapong Paisitpatanapong said that poor global economic conditions are the main contributing factor towards the drop. The key markets where Thailand is exporting cars to currently include the Middle East, Africa, Central America and South America.
According to Surapong, the export performance of completely built-up units (CBUs) and their export value remained poor, while pickup exports which account for a majority of total exports are yet to recover.
However, strong shipments of passenger pickup vehicles (PPVs) and eco-cars helped limit the export contraction for the first nine months to 0.5%, with 900,726 units shipped. It is said that export value for the period rose 11.3% to 480.4 billion baht.
The FTI said that it is still maintaining its car export forecast this year at 1.22-1.25 million units in 2016, up slightly by 1-3%, boosted by a robust performance in the first half.
Export markets aside, the FTI reported yesterday that car sales in the Thai domestic market increased by 2.7% year-on-year in September to 63,516 units, marking growth for two consecutive months.
The bump was largely fueled by passenger car sales, which grew 14.5% last month to 25,857 units, while pickup truck sales rose 4.6% to 26,454 units. The overall domestic sales from January to September on the other hand rose to 556,400 vehicles.
Despite the increase in domestic sales, the FTI said that club remains cautious about the domestic car market's prospects, particularly in the last quarter, in light of His Majesty the King's passing, and that the market should return to normal within a few weeks.