Thailand's manufacturing growth hits record high in April-Xinhua

Thailand's manufacturing growth hits record high in April

Source: Xinhua| 2023-05-02 20:13:15|Editor: huaxia

BANGKOK, May 2 (Xinhua) -- Thailand's manufacturing sector expanded at a record high rate in April as the Southeast Asian country's economic outlook brightened, a survey showed on Tuesday.

The country's manufacturing purchasing managers' index (PMI) was recorded at 60.4 in April, jumping from 53.1 a month earlier, a signal of rapid improvement in overall business conditions, according to S&P Global.

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

The April reading marked the strongest performance since the survey started in December 2015, as the indices for output, new orders, purchasing, and input stocks surged to a new record high.

The Thai manufacturing sector expected strengthened production in the 12-month outlook surveyed last month, the highest since last October and the fourth strongest on record.

The outlook brightened as firms expected a wider improvement in economic and political conditions in the coming months, said Trevor Balchin, economics director at S&P Global Market Intelligence.

"The latest data also signaled improving supply chains and an easing in price pressures, although the latter remains stronger than pre-pandemic trends," Trevor said.