August factory output falls 4.4% y-o-y, worse than forecast
published : 24 Sep 2019 at 11:13
updated: 24 Sep 2019 at 11:41
Thailand's manufacturing production index (MPI) in August dropped 4.4% from a year earlier, dragged down by lower production of cars, electronics and rubber products, the industry ministry said on Tuesday.
That compares with a forecast of a 3.6% decline in a Reuters poll, and July's revised 3.32% contraction.
Capacity utilisation was 65.75% in August, compared with July's revised 65.26%.
The ministry cut its 2019 MPI growth forecast to 0.5% from 2% seen earlier. Last year, the MPI rose a revised 3.6%.
Aditad Vasinonta, deputy director-general of the Office of Industrial Economics, said on Tuesday that the main industries weighing down the index were automobiles and engines, electronic parts, rubber products, iron and steel, and sugar. Orders for these products from other countries have decreased.
Exports of industrial products excluding gold dropped by 9.2% year on year, he said.
On a positive note, manufacturing production increased for hard disk drives (up 12.66%), frozen foods (14.04%), drinking water (9.94%), liquor (25.16%) and palm oil (9.89%), Mr Aditad said.