Thailand’s Manufacturing Production Index (MPI) fell by 8.19% year-on-year in December last year to 93.98 points, the lowest level in 28 months, as the world economy contracted.
The full-year MPI managed to climb 0.62% year-on-year to 98.32 points, said Warawan Chitaroon, director-general of the Office of Industrial Economics (OIE).
“Many countries grappled with the economic slowdown and weak purchasing power,” said Mrs Warawan, adding that Thailand’s export markets in the US and the European Union turned sluggish, which led to lower orders for goods.
Capacity utilisation in December stood at 59.6%, down from 61% in November. For the whole year, capacity utilisation was 62.6%.
The OIE expects the 2023 MPI to decrease due mainly to the global recession, high energy prices and the strong value of the baht, which would affect the country’s export sector.
The office…
