Thai July factory output rises for first time in 3 months, beats forecast
Published Fri, Aug 30, 2024 · 12:45 PM
THAILAND’S manufacturing production index rose for the first time in three months in July due to stronger exports, tourism and public spending, the industry ministry said on Friday.
The MPI increased 1.79 per cent in July from a year earlier, beating a forecast fall of 0.7 per cent in a Reuters poll, following a revised annual decline of 1.63 per cent in June.
“This month is a good month, with the MPI up 1.79 per cent, so we see a fairly good recovery signal,” Krit Chansuwan, deputy director general of the Office of Industrial Economics, told a press conference.
He said August output was expected to rise following higher imports, which he said was a good sign for future manufacturing and exports.
Factory output for the January-July period contracted 1.48 per cent from a year earlier. The ministry maintained its forecast for output to rise between 0 per cent and 1 per cent in 2024.
Commerce ministry data earlier this week showed exports in July rose 15.2 per cent from a year earlier, the biggest rise in more than two years, with imports up 13.1 per cent on the year.
Foreign visitors to Thailand so far this year have reached 23.1 million, up 32 per cent from the same period a year earlier, according to the tourism ministry. There were nearly 40 million foreign visitors in 2019, before the pandemic.
REUTERS
