New vehicle sales in Thailand fell by almost 5% to 68,284 units in November 2022 from 71,716 units a year earlier, according to the latest wholesale data released by the Federation of Thai Industries (FTI).
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Local flooding in key areas of the country due to a heavier than usual monsoon season has been blamed for much of last month’s market slowdown, while the strong rebound from last year’s weak levels has also run its course.
The domestic economy remains strong, underpinned by a return of international tourism after travel restrictions were lifted earlier in the year. GDP expanded by a better than expected 4.5% year-on-year in the third quarter of 2022 after growing 2.5% in the second quarter, while the Bank of Thailand has raised its benchmark interest rate by 75 basis points to 1.25% so far this year.
Domestic vehicle sales in the first eleven months of the year increased by just over 17% to 766,589 units from 668,520 units in the same period of 2021, driven mainly by strong demand for pickup trucks.
Vehicle production in the country increased by 15% to 190,155 units in November, as dealers continued to rebuild inventories after the supply chain shortages earlier in the year, and was up by 12% at 1,724,909 units in the first eleven months of the year. Exports fell by 11% year-on-year last month after surging by almost 16% in October, but were still up by 5% year-to-date.
The FTI said it expects domestic sales to increase by 12% to 850,000 units in the whole of 2022.
