Gaining an Edge in the Thailand Manufacturing Industry

Despite the economic slowdown causing a 5.1% contraction in Thailand’s Manufacturing Production Index (MPI) last year, it is expected to rebound in 2024. The forecasted improvement comes in response to an increase in the export of industrial products, which grew by 3.22% in December, marking the third consecutive month of growth, according to Warawan Chitaroon, the director-general of the Office of Industrial Economics (OIE).

“This can be a factor driving the MPI in 2024.”

However, she noted that the OIE will be monitoring the potential impacts of geopolitical circumstances on Thailand’s economy throughout the year. Several of Thailand’s trading partners, including the US, India, and Indonesia, are set to hold presidential and prime ministerial elections, which could affect international trade dynamics.

The presidential election in Indonesia…