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Thailand PMI April 2024

Thailand: Manufacturing sector in April: decline and optimism

The S&P Global Thailand Manufacturing Purchasing Managers’ Index (PMI) fell to 48.6 in April from 49.1 in March. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing sector operating conditions compared to the previous month.

The primary factors contributing to the latest PMI reading include a further drop in new orders, marking a record tenth consecutive month of decline. Despite this, the rate of output decline was marginal, supported by work on existing orders. Additionally, employment levels stabilized, ending a nine-month period of job losses, as manufacturers remained optimistic about future output.

In terms of prices and business sentiment, April saw subdued inflationary pressures, with both input and output prices indices running below their long-run averages. Input costs were broadly unchanged, following a decrease in March, and output prices rose at one of the weakest paces in over two and a half years. Despite the ongoing fall in new orders, manufacturers’ optimism for growth in output over the next 12 months remained strong.

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