In March, manufacturing output contracted 3.2% over the same month last year, which followed a decline of the same magnitude in February (previously reported: -3.4% year-on-year). The decline exceeded market expectations that had output contracting a more moderate 0.5% and represented the seventh consecutive decline. The March reading was driven by a contraction in manufacturing of electronics, while production of motor vehicles showed positive growth for the second consecutive month. A month-on-month comparison showed that manufacturing production contracted a seasonally adjusted 4.3% in March, which contrasted the 10.2% increase tallied in February. The trend suggests that the manufacturing sector is gradually recovering, with the annual average variation in manufacturing output inching up from minus 10.8% in February to minus 10.5% in March. The Office of Industrial Economics expects manufacturing output to recover and expand 6% to 7% this year.
Manufacturing production contracts for seventh consecutive month
April 30, 2012
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Thailand Industry Chart
Note: Year-on-year changes and annual average variation of manufacturing production index in %.
Source: Office of Industrial Economics (OIE) and FocusEconomics calculations.
Thailand Economic News
October 17, 2016
On 13 October, Thailand’s beloved King Bhumibol Adulyadej died after a 70-year reign and his successor, Crown Prince Maha Vajiralongkorn, has declared his wish to wait until he ascends the throne.
October 4, 2016
In September, consumer prices inched up 0.04% from the previous month, which contrasted the 0.04% decrease observed in August and overshot market expectations of a 0.1% increase.
September 30, 2016
In August, the trade balance recorded a USD 2.1 billion surplus, which was above the USD 0.7 billion surplus observed in the same month of the previous year and was also higher than the USD 0.8 billion surplus registered in July.
September 30, 2016
In August, manufacturing production increased 3.1% over the same month last year, which was a sharp upswing from the 5.0% contraction seen in July and marked the highest reading in over three years.
September 14, 2016
At its 14 September monetary policy meeting, the Bank of Thailand (BoT) decided unanimously to keep the one-day repurchase rate at 1.50% as the markets had expected. In its press release, the Bank commented that the Thai economy had accelerated in the second quarter on the back of strong private consumption and resilient public expenditure.