Thailand’s auto export plunged more than 50 percent from a year earlier in May with total value of shipment tumbled 52.80 percent to 15.17 billion baht, hurt by slump in demand of the key markets such as Europe and Australia, according to data released by the Federation of Thai Industry’s Automotive Group.

The total number of vehicle export for the first five month dropped 37.88 percent from a year ago to 199,381 units, while total value downed 36.73 percent to 91.82 million baht.

The ongoing market slowdown prompted the FTI to revise down the total annual vehicle production to 940 thousand units, or 32.57 percent from a previously predict of 1.3 million units.

The FTI hopes that the domestic markets will pick up in the second half of the year as stimulus measures reached into consumers sector.

Exports are accounted for 54.26 percent of total vehicle production in Thailand.