BANGKOK (dpa-AFX) - Thailand's manufacturing sector continued to expand at the start of the third quarter, though marginally amid a fall in new orders, survey results from S&P Global showed Wednesday.
The manufacturing Purchasing Managers' Index, or PMI, dropped to 50.7 in July from 53.2 in June. However, a score above 50 indicates expansion.
Output grew at the weakest rate since December 2021 as demand conditions deteriorated, the survey said.
New orders fell slightly in July due to sluggish economic conditions. The growth in new export orders slowed, reflecting softening external demand.
A slowdown in output growth and the latest drop in new orders resulted in excess capacity in the Thai manufacturing sector. Subsequently, firms reduced their workforce numbers in July.
On the price front, input costs fell for the first time since September 2020 amid lower prices from suppliers. As a result, the rate of selling price inflation was the lowest in nearly two years.
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