Thailand: Manufacturing activity deteriorates in September
Latest reading: Manufacturing production dropped 3.5% year on year in September (August: -1.8% yoy). The result marked the worst reading since March. Looking at the details of the release, food products output growth softened in September, and the drop in automotive vehicles output worsened. Moreover, chemical products production swung into contraction. Lastly, refined petroleum products rose at a stronger rate, while computer and electronic products dipped at a steeper pace than in August.
On a seasonally adjusted monthly basis, manufacturing production fell at a more moderate pace of 1.4% in September (August: -2.9% mom). Meanwhile, the trend improved, with the annual average variation of manufacturing production coming in at minus 2.0% in September, up from August’s minus 2.2%.