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Thursday, June 13, 2024

Bangkok Post – Factory closures a growing concern

Kiatnakin Phatra Financial Group (KKP) has expressed growing concern over the weakening of Thailand’s manufacturing sector after a surge in factory closures.

According to KKP Research, Thailand’s manufacturing production index declined over a 15-month period between December 2022 and March 2024, despite a global trade recovery which began late last year.

The number of factory closures in the country has been rising, particularly since the second half of last year. In 2021, the average number of factory closures per month stood at 57. The average increased to 83 per month in 2022 and surged to 159 per month in the second half of 2023.

“From 2023 through the first quarter of 2024, about 1,700 factories closed, affecting roughly 42,000 workers,” said the research house.

Moreover, the rate of new factories opening has lagged behind the rate of closures,…

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