Thailand’s Automobile Export Results in 2023

Thailand’s automobile export volume in 2023 increased by 11.7% from the previous year to 1,117,539 units. Solid growth in one-ton pickup truck and PPV exports and rising exports to Oceania and the Middle East contributed to the increase. Export volume remained at the 1-million-unit level, the same level as before the coronavirus outbreak, for the second time in a row.

Looking at exports by vehicle body type, passenger cars increased by 16.8% year-on-year to 330,745 units, and one-ton pickup trucks and PPVs rose by 9.7% to 786,794 units. According to the Federation of Thai Industries (FTI), HEV exports increased by 56.0% year-on-year to 15,000 units. Great Wall Motor among others have started producing HEVs for overseas export. HEV exports are expected to continue expanding due to the addition of new production models.

Vehicle exports increased to all export destinations except Africa. The elimination of parts shortages and a worldwide recovery in automobile sales led to an increase in exports.

Sales to the Middle East increased by 32.5% to 209,209 units. Strong tourism expansion and growth in non-oil sectors boosted the Middle East’s economy, increasing demand for automobiles. In addition, the elimination of the backlog of orders also contributed to an increase in vehicle exports to the Middle East. Passenger car exports increased significantly, going up 2.1 times to 71,162 units. Meanwhile, FTI is concerned about the tensions in the Middle East. Avoiding the sea route through the Red Sea, resulting in increased shipping times and rising freight costs which could lead to a decline in exports to Europe and the Middle East.

Looking at exports by brand, all brands improved exports except Suzuki and BMW. Thailand’s leading vehicle exporter Toyota inched up 0.2% to 379,044 units. Toyota was followed by Mitsubishi with 251,540 units, up 5.8%, and Ford with 174,990 units, up 32.9%.