The latest figures from our local auto industry are not encouraging. The Federation of Thai Industries (FTI) has reported that the Year On Year figures for September showed a fall of 15.6 percent.
Domestic car sales fell by almost 28 percent, reflecting the general downturn in the community coffers. Exports also fell in that 12 month period by 18 percent.
Some of the reasons put forward by the FTI include lower farm prices, weak domestic consumption, tightening up of loan criteria, poor economic outlook of neighboring ASEAN countries, a decreased demand for pick-ups in Australia and increased competition from cheaper Eastern European vehicles, coupled with a very slow global economic recovery.
It would look that the Thai auto manufacturing industry will need to promote the products very heavily in the ASEAN group, in the hope that the institution of the AEC will stimulate their economies.
