Thailand’s CV market shrinks by 42% in the first quarter this year


By Will Pulson - 9th July 2024

Thailand - The Thai commercial vehicle market over 2 tons gvw plunged by 42% to 54,398 units in the first quarter of 2024 from an already weak 93,107 units a year earlier, according to data compiled from various industry sources and some estimates.

Economic growth in the country slowed to 1.5% year-on-year in the first quarter from 1.7% in the fourth quarter of 2023, according to preliminary data released by the National Economic and Social Development Council (NESDC), reflecting mainly slower export growth and sharply lower fixed investment. Private consumption remained strong, rising by 6.9% compared with growth of 7.4% in the fourth quarter of last year, helped by continued growth in the country’s tourism sector. Government spending shrank by 2.1% compared with a 3.0% decline previously.

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