Thailand's manufacturing sector expands further in February-Xinhua

Thailand's manufacturing sector expands further in February

Source: Xinhua| 2023-03-01 19:44:15|Editor: huaxia

BANGKOK, March 1 (Xinhua) -- Thailand's manufacturing sector expanded at a faster pace in February as the country's economic recovery picked up steam, a survey showed on Wednesday.

The country's manufacturing purchasing managers' index (PMI) rose for the third month to 54.8 in February, the second highest level on record, up from 54.5 registered a month earlier, as a signal of improving health in the country's manufacturing sector, according to S&P Global.

A PMI reading above 50 indicates an expansion of the manufacturing sector, while that below 50 represents a contraction.

Better demand conditions supported the record growth in manufacturing production, although firms primarily worked through backlogged orders as new order expansion stayed moderate, said Jingyi Pan, economics associate director at S&P Global Market Intelligence.

Supply constraints remained a prolonged issue, while input cost inflation increased to reflect higher price pressures for Thai manufacturers, she said.

"Overall business confidence rose, but what will be important is to see demand conditions further improve, including foreign demand, to sustain the ongoing strong output performance," she said.