Commerce pointed out that sales in the Philippine car market in the first 2 months jumped 34%, an opportunity for Thai auto parts exporters.
On April 12, Mr. Boonthee Panichpraphai, Secretary to the Minister of Commerce, revealed that from following up on the foreign trade situation according to the policy of Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, the latest Received a report from the Department of International Trade Promotion by Ms. Chantana Chotmunee, Director of the Office of International Trade Promotion in Manila, Philippines. which the commercial ambassador reported The automotive industry in the Philippines tends to continue to recover.
In 2022, the Philippines had total car sales of 352,596 units and in 2023, the Philippine Chamber of Commerce of Automobile Manufacturers. and the Truck Manufacturers Association has reported car sales in February 2023 with a high number of 30,905 units, an increase of 27.2 percent, and the total number of the first 2 months of 2023 was 60,404 units, an increase of 34 percent from the same period in 2022, reflecting the economic signal. The positive of the automotive market in the Philippines The main contributing factor is that economic activities have returned to full capacity resulting in the demand for new cars, both personal cars. and more commercial vehicles
“The Philippine market is one of Thailand’s important automobile export markets. And is the number 1 product that Thailand exports to the Philippines, which is still a market with high potential. And can grow a lot due to the factors that support the large population. Car ownership rates remain low. Including other supporting factors, including the economic recovery and the acceleration of the country’s infrastructure development. This will help drive more demand for cars. However, Thai entrepreneurs should closely monitor the situation. Because there are still various risk factors. which may occur, especially in the case of rising inflation Consistently adjust appropriate strategic plans for situations that may change at any time, ”said Buntee.
Data from the Department of International Trade Promotion indicates that Export situation of automobiles and accessories And Thai components to the Philippines expanded better in line with the recovery of the car market in the Philippines. In 2022, Thailand exports cars, accessories and components to the Philippines worth $1,891.39 million. An increase of 11.47 percent from ’64 and for January ’66 it was $ 158.98 million. an increase of 48.05 percent
