Thailand’s new vehicle market expanded by 1.7% to 54,986 units in April, from depressed sales of 54,085 units a year earlier, according to data released by the Federation of Thai Industries (FTI).
This is the second monthly increase in five months and points to a market starting to bottom out after three years of decline.
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Last month, the market was lifted by a 13.9% rise in pick-up truck sales to 23,019 units and a 92% rise in pickup-derived passenger vehicles to 4,609 units.
The country’s economic growth accelerated in the first quarter of 2016 to 3.2% year-on- year, thanks to strong growth in tourism sector and ongoing government stimulus measures to in place to lift domestic consumption. Interest rates remain at a historic low of 1.5%.
Despite some positive signals, the Federation left its full-year forecast for the market unchanged at 750,000-780,000 units.
Sales in the first four months of the year were 6.1% lower at 236,546 units, compared with 251,845 units a year earlier.
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By GlobalDataExports in the four-month period fell by 5.4% to 388,251 units, while production was 0.5% lower at 654,111 units.
