Thailand’s industrial output up after 9-month decline
Thailand’s industrial output has turned positive for the first time in nine months, with the automotive sector rebounding after a 21-month slump, said Thai Deputy Finance Minister Paopoom Rojanasakul.
Workers at a Thai factory. Photo courtesy of pattayamail.com
This signals the start of a potential recovery in the manufacturing sector, which has remained a persistent weakness in the economy in recent years.
The Manufacturing Production Index (MPI) rose by 2.2% year-on-year in April, marking its first positive growth in nine months.
However, Paopoom stressed the need for close monitoring to determine whether the trend is sustainable.
In April, MPI for the automotive industry - a key sector the government has been watching closely due to its prolonged contraction - also showed signs of recovery with a rise of 1.3%.
Specific segments within the industry posted notable gains, with passenger car production rising by 8.8% - the first increase in 12 months - and motorcycle production up by 14.2%, marking a second consecutive month of growth and its highest increase in 22 months.
The top five industries contributing to MPI growth compared with the same period last year were food manufacturing ( up 8.0%), automotive (up 1.3%), rubber and plastics ( up 2.9%), non-metallic minerals ( up 7.3%), and clothing and apparel (up 10.8%).
Domestic consumption in Thailand also continues to show positive momentum, particularly in value-added tax (VAT) collection. Domestically collected VAT - excluding inflation adjustments - rose by 11.0%, marking 28 consecutive months of growth.
According to Paopoom, Thai government aims to sustain consumption growth, which in turn will help drive continued recovery in the manufacturing sector.
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