Thai June factory output falls more than forecast as car output slumps

admin admin | 08-01 00:20

Factory output for the January-June period fell 2.01% from a year earlier. The ministry earlier said it expected output to rise between 0% and 1% in 2024.
Thailand's manufacturing production index dropped 1.71% in June from a year earlier due mainly to lower car production and higher energy costs, the industry ministry said on Wednesday, missing analysts' expectations.

The figure compared with a forecast year-on-year fall of 1.5% for June in a Reuters poll and followed an annual drop of 1.54% in May.

Car production in Thailand, a regional auto making hub, dropped for the 11th straight month in June due to weaker purchasing as banks tightened lending, while energy costs increased, the industry ministry said.

The Federation of Thai Industries last week said autos output was down 20% in June from a year earlier.

However, tourism continued to support related industries such as food and beverage while exports of industrial goods still expanded, the ministry said.

Foreign visitors to Thailand so far this year have reached 20.3 million, up 34% from the same period a year earlier, according to the tourism ministry.

Factory output for the January-June period fell 2.01% from a year earlier. The ministry earlier said it expected output to rise between 0% and 1% in 2024.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Sky-high shopping: South Korea unveils ‘flying cart’ drone for transporting goods over any terrain

SEOUL, Oct 23 — South Korean researchers have developed a transport drone flying on multiple flexibl...

tech | 1 hour ago

Africa’s best-kept secret: Mozambique rolls out 100pc homegrown premium cigars for the global market

MAPUTO (Mozambique), Oct 23 — In a small neon-lit factory in Maputo, a dozen workers are hand-rollin...

life | 1 hour ago

In South Africa, dry taps are the new reality as water crisis deepens

JOHANNESBURG, Oct 23 — Joyce Lakela runs a nursery in Tembisa, a Johannesburg township, but these da...

world | 1 hour ago

From horror to hope: Rwanda’s genocide survivors rebuild lives 30 years on

PARIS, Oct 23 — Jeanne Allaire Kayigirwa was sure she was going to die three times during the Rwanda...

world | 1 hour ago

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 9 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 9 hours ago