In August, manufacturing production plummeted 11.3% over the same month last year, which marked the sharpest decline since January. The print came in below the revised 5.5% contraction recorded in July (previously reported: -5.8% year-on-year) and exceeded market expectations of a 7.0% decline. A sharp drop in production of electronics as well as of communication equipment, were the main drivers behind the monthly decline. A month-on-month comparison, however, does not confirm the deterioration suggested by annual figures, as manufacturing output grew a seasonally adjusted 1.2% in August, which contrasted the 0.5% drop recorded in July. As a result of annual decline, the trend continues to point downwards, with the annual average variation in manufacturing output falling from minus 10.5% in July to minus 12.0% in August. Office of Industrial Economics' deputy director general Hathai Uthai recently stated that manufacturing output is likely to fall again in September, "probably close to August's figure". The Bank of Thailand expects the economy to expand 5.7% this year, before slowing down to 5.0% in 2013.
Manufacturing production plunges in August
September 28, 2012
Looking for forecasts related to Industry in Thailand? Download a sample report now.
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.