Thailand’s Manufacturing Production Index (MPI) contracted by 3.14% year-on-year in May, data from the industry ministry showed on Friday, suggesting that the country’s export sector remained weak.
The reading in May came in at 94.8, dropping by 3.14% YoY, but expanding 14.23% month-on-month.
In contrast, a Reuters survey predicted a drop of 4.5% in May. In April, annual output decreased by a revised 8.71%.
The Office of Industrial Economics reported that the MPI fell 4.49% from January to May compared to the same period a year earlier.
It was predicted last month that industrial production would increase by 0%-1% in 2023.
The ministry said that while exports have remained weak, local demand has improved due to growth in the vital tourism sector and increased investment.
