BANGKOK, May 20 (Xinhua) -- Thailand's industrial confidence continued to decline in April due to reduced production during the Songkran holidays, alongside elevated global oil prices, raw material costs, and freight rates, data showed on Wednesday.
The Thai industrial sentiment index dropped to 85.3 last month from 88.6 in March as all components of the index fell, particularly operating costs, according to the Federation of Thai Industries (FTI).
The reading was based on a survey of 1,354 entrepreneurs across 48 industry groups under the FTI.
Despite that, positive factors were stronger tourism spending and foreign arrivals during the holiday period, government fuel-price subsidies, investment-promotion measures, and an improved sovereign rating outlook from Moody's, the FTI said in a statement.
The index forecast for the next three months stood at 92.8 in the April survey, down from 95.9 a month earlier, as manufacturers cited concerns over government borrowing and continued increases in business costs amid geopolitical tensions in the Middle East. ■