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Thailand’s auto sales for the month of May surged to its highest level in three years, encouraged by government measures to boost spending and state investment in infrastructure projects, providing an encouraging sign for the sluggish economy.
Domestic car sales jumped 15.9 percent last month on-year after April's 1.7 percent rise, reflecting improved economic conditions, the Federation of Thai Industries said on Tuesday. In January-May, car sales fell 2 percent on-year and the FTI said it would review its projections after June data. The automobile sector accounts for around 10 percent of Thai GDP and employs a tenth of its workers in manufacturing.
Car sales have declined almost every month on a yearly basis since May 2013 following the fading effect of a government car subsidy scheme that ended in 2012, when sales surged 81 percent. In May, exports of completely built units rose 11.9 percent from a year earlier.
"We definitely started to see the light at the end of the tunnel," Reuters reported, citing Surapong Paisitpattanapong, spokesman of the FTI's Auto Industry.
Although car export volume declined 2.3 percent in January-May on-year, the value rose by 14 percent on account of exports of more expensive pickup passenger vehicles. However, this year, the FTI expects 1.22-1.25 million cars to be shipped out, building on last year's record 1.2 million.
A strong growth in the auto sector is expected to help support the trade-dependent economy, which the Bank of Thailand expects to grow at 3.1 percent this year, with exports contracting 2 percent. Meanwhile, the economy expanded by 2.8 percent in 2015.
