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Vehicle export revenue reaches $4bn in first half of 2007

October 20, 2007

THAILAND/AUTOMOTIVE:
Vehicle export revenue reaches $4bn in first half of 2007

Despite the slowdown in domestic demand and political instability, Thailand's automobile industry registered satisfactory export performance with total revenues of US$4.058 billion (US$1=RM3.36) registered in the first half of this year.

This is a 24.21 percent increase from the same period in 2006, according to statistics released by the Department of Export Promotion (DEP).

Total exports of auto parts and accessories for the first half of this year amounted to US$3.26 billion, a 30.63 percent increase over the same period of last year, and rose further to US$3.826 billion in July.

Sookjai Leungmekul, director of the Auto Parts Industry Club, said that since cars have become the fifth most important item in a person's life, the auto parts and accessories industry is capable of favourable growth in the future.

"Countries which import automobiles must also import parts and accessories as it is not likely that they will manufacture these products. It is pleasing to note that the industry has always enjoyed a satisfactory growth rate, as in 2006 it recorded a growth rate of 29 percent," he told the media here.

Sookjai, however, said that the auto and auto parts industry has probably been affected by the rise of the baht's value, which more or less will affect the cash flow of manufacturers, and asked manufacturers to look for new markets and manufacturing products with a higher profit margin.

As part of Thailand's efforts to boost export sales of Thai auto parts and accessories to 400 billion baht by 2010, DEP is organising the Thailand Auto Parts & Accessories 2008 (TAPA 2008) show on April 23-27, 2008.

Full story on http://www.bernama.com/bernama/

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