New vehicle sales in Thailand rose over 22% to 64,033 units in July 2022 from a weak 52,442 units in the same month of last year, according to the latest wholesale data released by the Federation of Thai Industries (FTI).
Thailand’s economy grew by 2.5% year-on-year in the second quarter, driven by a 6.9% rise in private consumption as the country’s tourism sector rebounded after the government eased its Covid-related travel restrictions earlier in the year. Bank of Thailand raised its benchmark interest rate by 25 basis points in August from a historic low of 0.5% in response to surging inflation and strong consumer demand.
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Domestic vehicle sales in the first seven months of the year increased by over 16% to 491,329 units compared with 422,777 units in the same period of last year, driven by strong demand for passenger cars and pickup trucks.
Vehicle exports declined by just over 2% to 83,086 units last month and were also down by 2% at 532,730 units in the first seven months of the year, while overall vehicle production was up by almost 5% at 142,958 units in July and by over 3% at 1,013,069 year-to-date.
The FTI revised down its full-year vehicle production forecast from 1.8 million to 1.75 million units due to slowing overseas demand. Domestic sales are still expected to reach 850,000 units, underpinned by rising consumer confidence despite high household debt and rising interest rates. It cut its production for export target from 1 million to 900,0000 units, however.
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By GlobalData
