The Office of Industrial Economics (OIE) reported that Thailand’s Manufacturing Production Index (MPI) in May 2024 was 98.34, a decline of 1.54% compared to the previous year.
This indicates that the Thai industrial sector has not yet fully recovered due to household debt issues, high interest rates, and rising energy costs.
Meanwhile, exports in May grew by 7.2%, especially in computer and equipment products, machinery, and aluminum products.
Economic conditions in June 2024 are expected to slow down due to domestic factors. However, visa exemptions in several countries are anticipated to stimulate tourism and the economy. The trend in the opening and closing of industrial factories has improved, with more new businesses opening than closing.
Industries that expanded in May included palm oil, animal feed, and steel.
In contrast, the automotive, electronic components and circuit boards, concrete, cement, and plaster industries experienced a decline compared to the previous year. (TNA)
