BANGKOK, Aug. 27 (Xinhua) -- Thailand's auto production continued to decline in July, mainly due to lower output for domestic sales amid a sluggish economy, data from the Federation of Thai Industries (FTI) showed on Tuesday.
Thai auto manufacturers produced 124,829 vehicles last month, down 16.62 percent from a year earlier and easing from a 20.11-percent plunge in June, according to the FTI.
For the first seven months of this year, auto production fell 17.28 percent over the previous year to 886,069 units, said Surapong Paisitpattanapong, FTI's automotive industry club vice president and spokesperson.
Domestic auto sales contracted 20.58 percent year-on-year to 46,394 units in July, owing to a higher rejection rate for auto loans as banks tightened lending standards on the back of high household debts, Surapong told a news conference.
The Southeast Asian country's finished car exports shrank 22.70 percent from a year earlier to 83,527 units in July, dragged down by last year's high comparative base and shipping disruptions in the Middle East, he said.
Last month, the federation slashed its auto production target for 2024 to 1.7 million units from 1.9 million units expected earlier, brought down by a lower projection on output for domestic sales.
Thailand's auto production stood at 1.84 million units in 2023. ■