BANGKOK, May 2 (Xinhua) -- Thailand's manufacturing sector activity extended a contraction for the ninth straight month in April as new orders dropped further, resulting in a renewed fall in output and the steepest decline in purchasing activity since the pandemic, a survey showed on Thursday.
The Southeast Asian country's manufacturing Purchasing Managers' Index (PMI) was recorded at 48.6 last month, down from 49.1 in March, signalling a slightly steeper but modest pace of decline, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.
Despite the April reading falling further below the no-change mark of 50.0, the dip should be viewed in the context of the second-highest gain in eight months, following one of the highest monthly increases on record in March, said Trevor Balchin, economics director at S&P Global Market Intelligence.
Although new orders continued to fall at the start of the second quarter, Thai manufacturers' hopes were pinned on growth in output over the 12-month outlook, with sentiment running above the pre-COVID-19 pandemic trend. This was reflected in a halt to the recent phase of job shedding during the surveyed month, Balchin said. ■
