Thailand: Manufacturing production rebounds in October amid low-base of comparison
November 30, 2012
In October, manufacturing output surged 36.1% over the same month last year, which contrasted the revised 15.9% decline recorded in September (previously reported: -13.7% year-on-year) and exceeded market expectations, which had factory output increasing 29.8%. The monthly jump echoed the low comparison base recorded in October 2011, when the devastating floods swamped about 10,000 factories and disrupted production in key sectors. The October expansion also saw a surge in the production of cars, electronics and electronic appliances. A month-on-month comparison confirms the strong annual expansion, as manufacturing production increased 4.9% in October in seasonally adjusted terms, which contrasted the 4.7% drop registered in September. As a result of the strong annual figure, the trend halted the virtually uninterrupted downward trajectory in place since the end of 2010, with the annual average variation in manufacturing output rising from minus 13.3% in September to minus 7.6% in October.
Author: Ricardo Aceves, Senior Economist