In March, manufacturing output fell 6.7% over the same month last year, which was well below the revised 3.0% contraction observed in February (previously reported: -3.4% year-on-year) and market expectations, which had seen manufacturing output dropping 4.6%. The reading marked the sharpest fall since August 2009. The monthly drop reflected the impact of trade and supply chain disruptions after the 11 March Japan earthquake, as manufacturing of electronics and computing machinery fell 20.2% year-on-year. In addition, contractions in the manufacturing of textiles (-8.1% yoy) as well as in petroleum products production (-7.0% yoy) also contributed to the weaker March result. A month-on-month assessment confirms the contraction suggested by the annual figures, as manufacturing production fell a seasonally adjusted 0.10% in March. Owing to the monthly drop, the trend points to a sluggish performance in the manufacturing sector, with annual average growth in manufacturing output falling from 9.8% in February to 6.4% in March, the slowest pace in one full year. Meanwhile, the Bank of Thailand anticipates that economic activity will grow 4.1% this year and to accelerate further in 2012, reaching 4.2%.
Manufacturing output contracts on the back of supply chain disruptions
April 29, 2011
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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.