Thailand: Automotive exports record 36.4% growth in July

BANGKOK : August 22, 2008 - While domestic new vehicle sales in Thailand dropped by 12.5% year-on-year to 44,772 units in July 2008, automotive exports posted a significant rise of 36.4% compared with July 2007.

The number of vehicles exported last month reached 71,232 units, Agence France-Presse (AFP) reports, citing the Federation of Thai Industries' automobile section. This accounted for more than half of the automotive industry's total output last month of 121,672 vehicles.

The total value of automotive exports from Thailand reached Baht 32.6bn (US$960.86m) last month. For the first seven months of 2008, this figure stood at Baht 303.25bn, one-third more than the amount recorded in the corresponding seven-month period of 2007.

"We achieved our sales target in July despite a steep rise in oil prices last month. As oil prices have slightly dropped since, exports are likely to be good next month," AFP quotes Federation spokesman Surapong Paisitpatanapong as saying.

Toyota Motor Thailand vice president Vutigorn Suriyachantananont had earlier said that he expects domestic sales to pick up as well in August, following the reduction in fuel prices.

[Source : Automotive World]