New vehicle sales in Thailand fell further in December 2022, down 9% yoy to 82,799 units, according to local reports, citing the latest wholesale data just released by the Federation of Thai Industries (FTI).
This followed a 5% decline in November and was attributed to local flooding due to heavier-than-usual monsoon rains and ongoing semiconductor shortages, which have impacted operations at some local automakers.
The country’s economy remained strong, buoyed by a return in international tourism earlier in the year, with GDP growing 4.5% year-on-year in the third quarter thanks to strong domestic consumption. The Bank of Thailand raised its benchmark interest rate by 75 basis points to 1.25% last year.
For the full year, domestic vehicle sales rose nearly 12% to 849,388 units from 759,119 units in 2021, mainly due to strong demand for pickup trucks.
Vehicle production rose 3% to 158,606 units in December and nearly 12% to 1,883,515 units last year, while exports rose 10% to 111,605 units last month.