THE AUTOMOTIVE industry showed signs of significant growth in November, according to Surapong Paisitpattanapong, vice president and spokesman of the Federation of Thai industries (FTI).
The total car production stood at 197,020 units in November, marking a 3.49 per cent increase year on year. Meanwhile, the in-country sales were at 94,614, increasing by 21.2 per cent year on year, while exports stood at 93,108, a 9.64 per cent increase, according to the FTI.
From January to November of 2018, a total of 1,998,339 cars were produced, marking an impressive 9.1 per cent increase year on year, said Surapong.
One factor boosting the automotive industry is the falling oil price, said Supant Mongkilsuthree, FTI chairman.
The second factor boosting the automotive industry is the depreciation of the Thai baht against the US dollar, making Thai exports more competitive.
“Another key automotive area which improved was motorcycle production and sales,” Surapong added.
In November, a total of 86,277 motorcycles were exported from the Kingdom, including both “completely built units” (CBU) and “completely knocked down” (CKD) bikes, according to figures from the FTI. It marks a 5.42 per cent increase in volume year on year.
Meanwhile, the total export of motorcycles last month hit Bt5.886 billion in value, a 10.11 per cent increase over the same period last year.
“The two key worrying factors for the automotive industries in the upcoming months are the impact of the rising interest rates that could increase the cost of manufacturers, as well as the US-China trade war that could damage exports,” Surapong said.