Thailand’s manufacturing sector witnessed a prolonged slump for the 16th month in January, as the country’s key economic pillar grapples with dwindling domestic and overseas motor vehicle sales, according to information released by the Industry Ministry. The year-on-year decline of 2.94% in the sector fell short of the anticipated 5.1% fall predicted in a Reuters survey and followed a revised 4.66% slump in December.
This downturn was primarily triggered by a reduction in auto production, marking the sixth consecutive month of slowdown, taking into account both domestic sales and exports, as stated by the ministry. Being the second-largest economy in Southeast Asia, Thailand plays a regional role as an auto assembly and export centre, hosting Japanese manufacturers such as Toyota and Honda.
Warawan Chitaroon, the head of the Office of…
