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The Thai market recovery continues in May

New car sales in Thailand rose another 15% to 64,735 units in May 2022, after rising 54% to 58,132 units in the same month last year, according to the latest wholesale data released by the Thai Federation of Industries (FTI).

Despite rising inflation, the Bank of Thailand kept its benchmark interest rate unchanged at an all-time low of 0.5% at its June meeting to help boost the domestic economy for further support. Gross GDP grew by 2.2% in the first quarter of 2022, following a 2.6% decline in the same period last year, driven by strong exports and improving domestic consumption through government stimulus packages.

Domestic car sales increased by more than 17% in the first five months of the year to 358,778 units, compared to 305,357 units in the same period last year, driven by strong demand for passenger cars and pickups.

Car exports fell 3% to 76,937 units in May and up 7% to 380,758 units, while total vehicle production fell nearly 8% to 129,231 units last month but rose more than 2% to 727,095 units. Five-month period.

Surapong Paisitpatanapong, vice president and spokesman for the FTI Automobile Club, said concerns over household debt had risen as fuel and factory fuel prices continued to rise. Since February, the Thai goose has fallen by almost 10% against the US dollar. The federation maintained its year-over-year forecast for automobile production by 208 by 1.8 million units, while domestic sales were expected to reach 900,000 units.



The Thai market recovery continues in May

Source link The Thai market recovery continues in May

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