Thailand’s car, motorcycle sales may be affected by bank failure risk
Thailand's domestic car and motorcycle sales may suffer the brunt if Thai financial institutions are affected by the risk of bank failures in the US and Europe, according to the Federation of Thai Industries (FTI).
Bangkok (VNA) - Thailand's domestic car and motorcycle sales may suffer thebrunt if Thai financial institutions are affected by the risk of bank failuresin the US and Europe, according to the Federation of Thai Industries (FTI).
The concern was raised after US and European bankingexecutives and regulators stepped in to save California-based Silicon ValleyBank, New York-based Signature Bank and 167-year-old Credit Suisse in Switzerlandfrom potential crisis.
Surapong Paisitpatanapong, FTI Vice Chairman, said that if the financialturbulence cannot be contained, the global financial system will be affected,which may eventually have a negative impact on Thai banks and non-banks thatgrant loans to car and motorcycle buyers.
The FTI is closely monitoring whether global financialinstitutions will face an impact, he said.
The FTI’s Automotive Industry Club predicted that if theThai auto industry is not overwhelmed by these negative factors, its total autoproduction will reach the target of 1.95 million units this year, up 3.53% fromthe more than 1.88 million units by 2022.
Automobile production in Thailand rose 6.39% in Februaryfrom a year earlier to 165,612 units, as the shortage of microchips eased andexport increased.
In the month, export climbed 11.42% from a year earlier to88,525 units. Domestic sales, however, dropped 3.94% year-on-year to 71,551units./.
Thailand’s consumer confidence increased for the ninth straight month in February thanks to recovering tourism, government stimulus measures, and the baht's weakness.
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Thailand’s Department of Business Development (DBD) is eyeing a new tourism trend - food trucks - in an effort to attract more visitors to the country.
Automobile production in Thailand rose 6.39% in February from a year earlier to 165,612 units, as a shortage of microchips eased and export increased, the Federation of Thai Industries (FTI) reported.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Illustrative image (Photo: nationthailand.com) 
