Business News
Honda's exports from Thailand down 12 per cent in 4th quarter
Jan 26, 2009, 9:05 GMT
Bangkok - Honda Motor Company's exports from Thailand reached 23.6 billion baht (674 million dollars) in the last quarter of 2008, down 12 per cent compared with the same period in 2007, the Japanese auto manufacturer revealed on Monday.
Total Honda exports from Thailand in 2008 amounted to 104.6 billion baht (2.9 billion dollars), up 4 per cent on the 2007 performance, according to figures released by Asian Honda Motor Company, Honda's regional office in South-East Asia.
But during the last quarter of 2008, Honda's automobile exports from the kingdom fell 22 per cent and power products fell 26 per cent. Only motorcycle exports grew, at 11 per cent.
Thai-based car manufacturers have lowered their production targets to 1.08 million vehicles this year, down 23 per cent from 2008 output of 1.4 million cars.
Of the targeted 1.08 million units, 500,000 are expected to be sold on the domestic market and 580,000 exported.
Thailand is the leading producer of cars and automotive parts and components in South-East Asia, with all the major Japanese and US auto-makers operating local assembly and manufacturing bases in the country.
Thailand's auto parts industry is at risk of shedding 40,000 permanent jobs this year as domestic and global demand for vehicles shrinks, according to industry sources.
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