Top 10 Asian countries by car exports 2020. Thailand is still the lead for Southeast Asia country
In 2020, global car exports by country reached US$633.6 billion. Cars are the world's second most valuable exported product, trailing only electronic integrated circuits but ahead of crude oil.
The $633.6 billion in total international vehicle exports forecasted for 2020 represents a -9.5 percent drop from 2016 and a -17.2% drop from the $764.9 billion spent on internationally exported cars sold in 2019.
European countries exported the most automobiles in terms of monetary value in 2020, with shipments totaling $351.2 billion, or 55.4 percent of international car sales. Asia's suppliers came in second with 24.3 percent, followed by North American auto exports with 18.5 percent.
Thailand's increasing car exports are helping to bridge a tourism shortage
As Thailand's tourism-dependent economy struggles, the country's auto sector is picking up the slack, with the value of automobile exports expected to hit a new high this year as the global economy reopens.
While Thailand's central bank cut its growth forecasts for this year due to a drop in consumption and tourism, it upped its export growth forecast for 2021 to an 11-year high of 17.1 percent, up from the 10.0 percent expected in March.
Exports of autos, parts, and accessories, Thailand's largest shipment, increased 170 percent year on year in May, the quickest pace in more than eight years, according to customs data.
This month, Thai Commerce Minister Jurin Laksanawisit told reporters, "Exports are now a primary engine propelling the economy. We have to recognize that our tourism industry is still struggling," according to Reuters (June, 30)
Thailand is Asia's fourth-biggest auto assembly and export hub, with Toyota (7203.T) and Honda (7203.H) among the world's largest automakers (7267.T). The industry employs around 10% of Thailand's workforce and contributes 10% of the country's GDP.
The sector has recovered from COVID-19's disruptive effects far faster than the tourism industry.
According to the Federation of Thai Industries (FTI), the country's entire car exports could reach 800,000 to 850,000 units this year, exceeding its target of 750,000 and compared to roughly 736,000 in 2020.
Thailand's vehicle exports totaled $12.4 billion in January-May, accounting for more than half of the $21.4 billion delivered in 2020.
Due to rising demand in Asia and Oceania, market leader Toyota Motor Thailand expects an 18 percent growth in totally manufactured automobile exports to 254,000 units this year.
Source: Worldtopexports.com, Reuters