Thailand assesses impact of new US tariffs on auto parts exports
Thailand, the largest automobile manufacturing hub in Southeast Asia, serves as an export base for major carmakers such as Toyota and Honda. The Thai Auto Parts Manufacturers Association reported that the country's auto parts export value totaled 19.8 billion USD from January to September 2024.
Bangkok (VNA) - Thailand's auto parts exports will be affected by new US tariffs, Thai finance minister Pichai Chunhavajira🍌 said on Ma🐻rch 27, adding he hopes to negotiate to send parts directly to the US rather than via manufacturers in other countries.
Global automakers, including US manufacturers, have been unsettled by former US President Donald Trump’s announcement of a 25% tariff on all imported vehicles and many foreign-made auto parts, set to take effect on April 3.
According to research firm GlobalData, nearly 50% of cars sold in the US last year were imports. If the tariffs remain in place long-term, they can add thousands of USD to the average cost of a vehicle and disrupt auto production across North America.
Thailand, the largest automobile manufacturing hub in Southeast Asia, serves as an export base for major carmakers such as Toyota and Honda. The Thai Auto Parts Manufacturers Association reported that the country's auto parts export value totaled 19.8 billion USD from January to September 2024.
Yeap Swee Chuan, CEO of AAPICO Hitech, one of Thailand’s largest auto parts producers, stated that the tariff’s impact will be limited since only a small share of AAPICO’s output is currently shipped directly to the US. However, he acknowledged that the new duties will make exporting to the US more challenging./.
The Federation of Thai Industries (FTI) has called for thorough preparations to address potential trade challenges resulting from the US’s policy changes.
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