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Friday, July 12, 2024

Thailand’s Industrial Output Declines for 11th Consecutive Month Despite Export Bump

Bangkok, Thailand – In a trend that raises concerns over the nation’s economic health, Thailand’s industrial output has recorded a sharp decline for the 11th consecutive month, according to official data released on Thursday. This disappointing performance comes in spite of a marginal uptick in exports during the same period.

Official figures from the Ministry of Industry reveal that Thailand’s Manufacturing Production Index (MPI) plummeted by 7.53 percent in August when compared to the same month the previous year. This decline represents the steepest drop since April, underlining the persistence of a troubling economic trend.

Experts attribute this substantial decline in industrial output to multiple factors, including the ongoing weakness in global demand. Additionally, domestic growth has been hampered by soaring household debt and recent interest rate hikes. The Ministry of Industry, however, has identified some bright spots in the country’s economic landscape. Notably, higher domestic consumption has been observed as a result of the recovery in tourism and a sustained period of low inflation growth.

Specific sectors within the Thai economy have been hit harder than others. Automotive products, electronic components, computers, and peripherals have all experienced significant decreases in production over the past month. In contrast, there have been marked increases in the production of sugar, chemical fertilizers, and petroleum refineries, according to Warawan Chitaroon, the Director-General of the Ministry’s Office of Industrial Economics.

Looking ahead, the Thai government is proactively pursuing stimulus policies aimed at revitalizing the nation’s economy. These measures include the distribution of digital wallets, debt suspension initiatives, reductions in energy prices, and minimum wage hikes. Officials anticipate that these strategies will infuse money into the economy, potentially catalyzing increased investment and production within the commercial sectors.

Warawan Chitaroon conveyed these expectations during a recent news conference, shedding light on the government’s determined efforts to mitigate the persistent challenges facing Thailand’s industrial landscape.

phacharaphonk
Author: phacharaphonk

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