Thailand’s Office of Industrial Economics (OIE) has reported that the country’s manufacturing production index (MPI) in July increased by 5.12% year-on-year, for the fifth consecutive month, to 91.41 points.
OIE Director-General Thongchai Chawalitpichaet said, despite COVID-19 outbreaks in many countries, international trade in July was still brisk due to a global economic recovery driven by the US, China and Europe. Automotive, electronics including circuit boards, tires and rubber played a key role in driving the MPI in July.
He said looking at the MPI for January to July, there was an increase of 8.91% to 99.03 points, compared with 90.92 points last year. The OIE maintains its forecast for the MPI, expecting it will increase by 4-5% this year due to the global economic recovery, lockdown easing and the mass vaccination scheme.
According to Mr. Thongchai, the OIE still needs to monitor the situation closely, though lockdown easing is expected to be a positive factor for the manufacturing sector. Some other factors, like higher freight rates caused by the pandemic, must be monitored as well. (NNT)
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