Automobile exports in July saw a 7% increase from the same period last year, setting a new record for the month. This surge was fueled by a notable increase in the export of environmentally friendly vehicles and robust demand from major markets including North America and the European Union (EU).
The Department of Trade, Industry, and Resources reported that automobile exports in July amounted to 6.24 billion dollars, marking a 7.0% rise compared to the same period in the previous year. This represents the highest July export figure ever recorded, exceeding the prior record of 5.9 billion dollars established in 2023.
Eco-friendly vehicles drove the increase in exports. In July, exports of eco-friendly vehicles reached 2.59 billion dollars, representing a 25.5% rise compared to the same month in the previous year. Exports of electric and hydrogen vehicles climbed by 31.9% to 940 million dollars, whereas hybrid vehicle exports grew by 22.2% to 1.65 billion dollars. Meanwhile, exports of internal combustion engine vehicles fell by 3.1% to 3.65 billion dollars.
Region-wise, North American exports rose by 18.0% to reach 3.25 billion dollars, while EU exports climbed by 23.5% to 880 million dollars. Export figures for the Middle East also went up by 12.7% to 430 million dollars, representing the first growth in eight months.
The ministry linked the rise in exports to more production days, resulting from major companies moving their summer holidays from July of last year to August this year, along with ongoing worldwide demand for environmentally friendly vehicles and sport utility vehicles (SUVs).
Domestic sales also experienced a minor rise. In July, domestic sales amounted to 139,000 units, marking a 0.5% increase compared to the same period last year. Sales of eco-friendly vehicles made up roughly 60% of total domestic sales, totaling 84,000 units. Electric vehicle sales jumped by 47.5%, reaching 36,000 units.
Production volume rose by 11.3% to 352,000 units when compared to the same month in the previous year, with the increase also attributed to the longer production period caused by the postponed summer holiday.
At a recent gathering, the automotive sector asked for government assistance to sustain a domestic production level of more than 4 million units each year, highlighting increased global competition in electric vehicles driven by the swift expansion of foreign firms, particularly those from China. The ministry mentioned it would closely watch and assist the industry to promote collaboration between car manufacturers and component suppliers during the shift toward upcoming vehicle technologies.
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