Latest news with #PassakornChairat
Bangkok Post
30-07-2025
- Automotive
- Bangkok Post
Output ticks up for automobiles
Thailand's Manufacturing Production Index (MPI) increased by 0.58% year-on-year to 97.35 points in June, driven by the recovery of the car market, an increase in exports and state stimulus measures, says the Office of Industrial Economics (OIE). However, the MPI fell by 3.47% from May when it was 100.79 points. Car bookings at the 12-day Bangkok International Motor Show, which ended in early April, prompted car manufacturers to increase production to deliver cars to customers, contributing to the higher May MPI. Passakorn Chairat, director-general of the OIE, is upbeat about the MPI in June. "The increase in MPI reflected a positive sign for the manufacturing sector," he said. In June, car production increased by 17% year-on-year, driven by growing demand for hybrid electric vehicles and battery electric vehicles in the domestic and overseas markets. Mr Passakorn said this is a positive for car manufacturers struggling to deal with sluggish sales, caused mainly by buyers' difficulties in accessing auto loans as banks and car financing companies maintain strict lending criteria given the high level of household debt. According to the Bank of Thailand, household debt continues to decline, falling to 87.4% of GDP in the first quarter of 2025, attributed to weaker loan demand from borrowers and stricter lending standards from financial institutions. Household debt was 88.4% of GDP in the previous quarter. Other industries that contributed to the June MPI include electronic products and palm oil. Electronics and printed circuit board manufacturing increased by 6.18% year-on-year because demand rose for semiconductors and integrated circuits in the US market. Palm oil production gained by 9.84% year-on-year, driven by new purchase orders from China, India and Myanmar. Thailand's capacity utilisation rate was 59.6% in June. Officials continue to monitor the impact of the US's reciprocal tariff, household debt levels and the influx of low-cost imports on the Thai market as these incidents can deal a blow to the manufacturing sector, noted the OIE.
Reuters
31-01-2025
- Automotive
- Reuters
Thai December factory output misses forecast as car output slumps
BANGKOK, Jan 31 (Reuters) - Thailand's manufacturing production index (THMPI=ECI), opens new tab dropped by a more than expected 2.11% in December from a year earlier, due to a slump in the automotive industry and weak consumption, the industry ministry said on Friday. The figure compared with a forecast fall of 0.50% for December in a Reuters poll and followed an annual drop of 3.58% in the previous month. Factory output was down 1.79% for the full year 2024. Thailand's car production fell 17.37% in December from a year earlier, down for the 17th successive month due to lower domestic sales and exports, according to the Federation of Thai Industries. Output was also weighed down by high production costs and the influx of cheap goods from China, Passakorn Chairat, head of ministry's industrial economics office, told a press conference. However, production was helped by government stimulus measures and higher exports, he said. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
