The Federation of Thai Industries (FTI) has announced that Thailand’s car production rose by 4.16% year-on-year (YoY) in March, reaching 179,848 units, as the microchip shortage eased.
FTI Automotive Industry Division Spokesperson Surapong Paisitpattanapong said at a news conference that car exports increased by 4.84% YoY in March, following an 11.42% rise in February.
Surapong noted, however, that domestic car sales fell by 8.37% YoY in March, following a 3.94% drop in February, owing to tighter loans for trucks caused by a rise in interest rates.
In February, Thailand’s car production rose by 6.39% YoY. Thailand is home to some of the world’s leading car manufacturers, such as Toyota and Honda, which utilize the country as a regional production and export base.
Rising car production and exports are seen as positive signs for Thailand’s economy, which was severely impacted by the pandemic. The automotive industry has been one of the country’s most significant sources of income and employment, contributing to around 10% of Thailand’s GDP. (NNT)
