Thailand Industry June 2020

Thailand

Thailand: Manufacturing production decreases at slower pace in June

July 29, 2020

On an annual basis, manufacturing output’s fall decelerated to 17.7% in June (May: -23.8% yoy). The print therefore marked a slight improvement over the previous month’s reading, which was the lowest since November 2011. However, the trend pointed down more steeply, with the annual average variation of manufacturing production coming in at minus 9.3% in June, down from May's minus 8.2%.

Brighter news show manufacturing production increased 5.7% month-on-month in seasonally-adjusted terms in June (May: -6.8% mom). This reading marks the fastest increase in over eight years, driven by positive growth in the production of automobiles, computers and peripherals, and electronic components and boards.

FocusEconomics Consensus Forecast panelists expect manufacturing output to fall 9.8% in 2020, which is down 0.6 percentage points from last month’s estimate. For 2021, the panel sees manufacturing output increasing 7.2%.


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Thailand Industry June 20 20

Note: Year-on-year changes and annual average variation of manufacturing production index in %.
Source: Office of Industrial Economics (OIE) and FocusEconomics calculations.


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