The Ministry of Industry recently confirmed that Thailand’s manufacturing production index (MPI) in April contracted by a more-than-expected 8.14% from a year earlier, as exports slowed and production costs rose.
The figure compared with a forecast in a Reuters poll for a fall of 2.15% in April, and came after March’s revised 3.86% year-on-year drop. For the January-April period, the ministry said in a statement that the MPI declined 4.69% from a year earlier.
It added that its forecast factory output would show zero to 1% growth this year. While exports remain sluggish, the ministry noted that domestic demand has increased – driven by strength in the vital tourism sector and higher investment.
Industrial goods account for about 80% of total customs-based exports, which contracted by a more-than-expected 7.6% in April from a year earlier. (NNT)