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Investing.com -- Thailand’s manufacturing sector expansion accelerated in October, reaching its fastest pace since May 2023, according to the latest S&P Global Thailand Manufacturing PMI data.
The headline PMI rose to 56.6 in October from 54.6 in September, marking the sixth consecutive month above the 50.0 neutral mark. This indicates a significant improvement in manufacturing conditions.
New orders increased at the steepest rate in two-and-a-half years, driven by successful business development and rising client interest. While external demand continued to decline, the fall in new export orders was only marginal and less severe than in September.
Production growth accelerated for the seventh consecutive month in response to rising new work. Thai manufacturers increased their workforce capacity for the second straight month to manage growing workloads.
Despite these efforts, backlogs accumulated at a survey record pace, and finished goods inventories declined for the fifth consecutive month as companies fulfilled orders.
Purchasing activity expanded in October, though stocks of purchases continued to decline due to high utilization of input products and shipment delays as lead times lengthened.
On the pricing front, average input costs stabilized after three consecutive months of decline, leading manufacturers to keep their selling prices unchanged at the start of the fourth quarter.
Business confidence improved to its highest level in two-and-a-half years, supported by hopes for business expansion plans and better economic conditions to drive sales in the coming year.
Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, noted that manufacturing output rose at the quickest pace in nearly two-and-a-half years, primarily driven by robust domestic demand.
Pan added that forward-looking indicators present a positive outlook for near-term output growth, suggesting the Thai manufacturing sector remains on track for continued growth in the coming months.
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