Thailand: Manufacturing output fall at sharpest rate in over five years in June
Manufacturing output dropped a whopping 5.5% year-on-year in June, down from May’s revised 3.4% contraction (previously reported: -4.0% year-on-year) and closing the second quarter on a weak footing. June’s drop marked the strongest fall in production in over five years and came on the back of decreasing output in all major subgroups: food products; motor vehicles, trailers and semi-trailers; coke and refined petroleum products; rubber and plastics products; and computer and electronic products.
Meanwhile, manufacturing production in month-on-month terms contracted 2.2%, following May’s revised 2.1% fall (previously reported: -2.5% month-on-month). Annual average manufacturing growth was a meager 0.3% expansion, down from 1.2% in May.