August 22, 2008
Bangkok - The auto exports soared 36.4% in July compared to the same period of last year. Export growth was driven by demand in Asia, Australia and the Middle East.
Auto exports totally valued 32.6 billion baht (955 million dollars) in July, according to the Federation of Thai Industries (FTI).
Auto exports valued 303.25 billion baht in the first seven months of this year.
"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," federation spokesman, Surapong Paisitpatanapong, told AFP.
71,232 vehicles which was more than half of its total production of 121,672 automobiles in July were exported.
Strong exports helped boost the country’s auto industry as domestic sales dropped 12.5% year-on-year in July.
Last week, the world's biggest automaker General Motors said it would invest 445 million dollars to build a diesel plant and upgrade an existing assembly plant in Thailand.
Thailand has attracted foreign companies to the kingdom to become the regional production base despite lack of its own national automaker.
