InfoQuest (December 30, 2020) -- Thailand's Ministry of Industry announced a year-to-year growth of 0.35 percent for the Manufacture Production Index (MPI) in November 2020, implying the continuous recovery of Thailand's industry upon effective COVID-19 controls and economic incentives.
A significant growth has been achieved in certain important industrial fields. For example, automobile MPI is 10.02 percent higher than last year's figure, the first increase in Thailand's domestic car sales since the outbreak, together with a slight decrease of 0.87 percent in car exports, according to Minister of Industry Suriya Juangroongruangkit.
"Many countries have formulated economic stimulus measures against the recovering global economy and increasing orders, along with the progresses made in COVID-19 vaccine, all have strengthened the confidence in both production and consumption. Now, there is the second outbreak, we should control the spread, avoiding expanded impact while maintaining the confidence in domestic consumption and tourism." Suriya added.
Director-general, Office of Industrial Economics Thongchai Chawalitphichet said that measures to stimulate the economy have gradually restored Thailand's economy to a state before the outbreak, especially in terms of domestic tourism.
In November 2020, the capacity utilization rate went up to 64.80 percent from 63.19 percent last year, MPI rose accordingly upon a 1.77 percent growth compared with October.
Industrial fields adaptive to new lifestyles are on the rise, such as 6.00 percent year-to year growth in electrical and electronic products, and 14.71 percent in rubber gloves.
Automobile and machinery industry starts recovering, and MPI surges with growing domestic purchase demand, pushing the automobile tire industry 11.92 percent up from a year earlier.
Oil MPI climbs up 4.95 percent y/y because oil fractionation plants and companies were closed for large maintenance last year, but only a few carried out maintenance to resume normal production this year.
Circuit boards and their parts see a 7.71 percent rise due to the rising demand for electronic parts worldwide, especially memories, sensors and integrated circuits.
Drugs rise 19.61 percent y/y after new drugs receive a good response and the quality is comparable to that of foreign drugs, as well as expanded drug reserves by some pharmaceutical companies and improved drug production at the end of last year.
The larger quantity of motor products and transformers brings forth a 31.29 percent growth in motors and generators.
Source: InfoQuest, by Sasithorn Simaporn, translated by Xinhua Silk Road
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