Thailand Industry August 2020


Thailand: Manufacturing production eases in August

September 30, 2020

Manufacturing production grew 3.3% month-on-month in seasonally-adjusted terms in August (July: +6.3% mom). The continued growth was driven by an uptick in the production of automobiles, rubber and plastic products, and electronic components.

On an annual basis, manufacturing production plummeted 9.3% in August (July: -12.9% yoy), the softest fall since February. Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 10.5% in August, down from July's minus 10.1% reading.

Commenting on the results, Prakash Sakpal, senior economist at ING, said:

“Weak domestic demand has been a bigger drag on manufacturing than exports. This with continued large unused manufacturing capacity should ensure no imminent inflation pressure in the near term. The capacity utilisation improved to 60.7% in August from 57.6% in the previous month but was still well below the 67.7% pre-Covid level.”

FocusEconomics Consensus Forecast panelists expect manufacturing output to fall 10.8% in 2020, which is down 0.1 percentage points from last month’s estimate. For 2021, the panel sees manufacturing output increasing 6.9%, which is down 0.4 percentage points from the prior month’s forecast.

Author:, Economist

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Thailand Industry Chart

Thailand Industry August 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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