Thailand’s industrial mood reached a 10-year high in March, bolstered by a steady rebound in domestic demand and tourism, but rising costs remained a concern, according to the Federation of Thai Industries (FTI) on Wednesday.
The industrial sentiment index increased from 96.2 in February to 97.8 in March, indicating the third consecutive monthly growth.
The FTI cites robust domestic consumption, surging international visitors, and a rebound in the construction industry as reasons for optimism.
However, companies still fretted over rising costs, particularly those associated with raw materials and electricity. In addition to the global economic slowdown, businesses were worried about sluggish demand as major central banks favored tightening monetary policy.
Thailand received 6.15 million international tourists from January to March 27, 2023, exceeding the government’s target of 6 million.
According to the Thailand Tourism Council, the country now anticipates 30 million international visitors this year, with spending combined amounting to 1.5 trillion baht. Meanwhile, the administration earlier expected 25 to 30 million arrivals for the entire year.
