BANGKOK, April 1 (Xinhua) -- Thailand's manufacturing sector shrank for the eighth consecutive month in March, but at the slowest pace over the sequence, as output increased despite a further drop in new orders, a survey showed on Monday.

The Southeast Asian country's manufacturing purchasing managers' index (PMI) was recorded at 49.1 last month, up from 45.3 in February, signaling an eased downturn as the figure rose sharply to close to the 50.0 stabilization threshold, according to S&P Global.

A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.

As one of the highest month-on-month rises on record, the March figure provides some hope that manufacturing has contributed favorably to the wider economy so far this year after the kingdom's gross domestic product fell by 0.6 percent in the final quarter of 2023 from the third quarter, said Trevor Balchin, economics director at S&P Global Market Intelligence.

Looking forward, companies were more optimistic about the next 12 months, which explains stronger output despite reduced new orders. The new orders declined for the ninth straight month in March, but the rate of reduction slowed significantly, Balchin said. Enditem

Related

Go to Forum >>0 Comment(s)