Thailand becoming more important as a car export hub

While the news for most of this year has been about the fact that too many cars were sold last year domestically and that auto manufacturers were going to suffer tremendously. What we’ve seen is that yes there has been a slowdown in domestic purchases and Thailand’s car exports continue to grow strongly and with more expansion expected by Honda, Toyota and Ford expected here, the auto cluster is only going to get bigger here.

Car exports hit an all time high in September, with 118,253 units sent abroad, Surapong Paisitpatanapong, spokesman for the Automotive Industry Club, said on Thursday. In August, the club reported that auto exports were the highest in the 25 years of the industry sector with 103,065 vehicles shipped out. But exports for September were up 16.76% on the same month last year and 13.47% on August. The value of the exports for the month stood at 52.34 billion baht, up 7.08% year on year, said Mr Surapong. Exports over the first nine months of 2013 totalled 874,341 units, up 14.22% year on year, while the value of exports in the period was up 7.88% to stand at 383.67 billion baht.

Source: Bangkok Post

What happened this week 07/10 – 11/10

Thailand
  • King endorses budget bill – The 2014 budget bill received His Majesty the King’s endorsement on Friday and was published in the Royal Gazette, enabling the government to immediately disburse funds for the fiscal year that began on Oct 1. The House of Representatives passed the Bt2.5trn budget in late August and the bill sailed through the Senate. (Bangkok Post, 11/10/13) 
  • MPC to hold rate steady: survey — Economists expects the BoT to hold key interest rates at 2.5% in the BoT meeting on Oct 16, as the economy is showing signs it may be bottoming out and the BoT may start increasing interest rates in the middle of next year. (Krungthep Turakij, 13/10/13)
  • PM: Relations with China strong — The Prime Minister of Thailand says Thai-China relations are stronger than ever, resulted in a change in the MoU with China for rice from the purchase of 1mn tons over five years to 1mn tons in one year. (IQ Biz, 14/10/13) Continue reading What happened this week 07/10 – 11/10