Thailand's industrial production index falls sharply in December

Illustrative photo (Source: AFP/VNA)

Bangkok (VNA) - Thailand's industrial output furtherdeclined more than expected in December 2022, as a global slowdown hitdemand for Thai exports, according to the Ministry of Industry.

In the month, its manufacturing production index (MPI) dropped8.19% from the same time in 2021, mainly due to lower production of furniture, hard disk drivesand plastic pellets.

Factory output is likely to fall again in January 2023 due toslowing global demand and a high base despite some support from increaseddomestic activity, the ministry said in a statement.

In 2023, the ministry anticipated the MPI would increase2.5%-3.5%, after a 0.62% rise in 2022.

Industrial goods account for about 80% of Thailand’s totalexports, which in December contracted 14.6% from a year earlier./.

VNA