TEHRAN (ANA)- Thailand’s manufacturing sector continued to contract for the sixth straight month in January due to an ongoing subdued demand since the end of last year, a survey showed.
The Southeast Asian country’s manufacturing purchasing managers’ index (PMI) was recorded at 46.7 last month, up from 45.1 in December 2023, an extension of contraction, but at the slowest pace in two months, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.
According to the survey, the contraction was attributed to backlogs of work and new orders, which both declined drastically, showing the possibility of a short-term sector downturn.
Despite deteriorating demand conditions, Thai manufacturers maintained production growth as they worked through…
