BANGKOK (NNT) – Thailand’s industrial confidence soared for the sixth straight month in November, boosted by recovering domestic demand and foreign tourist arrivals.
According to the Federation of Thai Industries (FTI), the Thai Industry Sentiment Index (TISI) edged up to 93.5 in November from 93.1 the previous month.
The kingdom reported over 10 million international visitors last week, a figure that is predicted by the FTI to more than double next year.
The FTI’s industry sentiment projection for the next three months however has been reduced from 98.8 in October to 97 due to persisting concerns among businesses, the fluctuating fuel prices, the inflation crisis the prolonged conflict between Russia and Ukraine, global economic uncertainties and currency fluctuations affecting the country’s export sector.
Positive industry developments
FTI Chairman Kriengkrai Thiennukul highlighted other positive industry developments, such as higher vehicle and electronic production due to improved semiconductor supply. He added that declining freight rates benefited exporters.
On the downside, Kriengkrai noted that the industry index is expected to drop within the next three months due to concerns over increased production costs, particularly rising energy prices.
Exports hit by weakening global demand
As one of the main drivers of Thailand’s economy, exports were hit by weakening global demand while appreciation of the Thai baht lowered trade competitiveness.
Information and Source
- Reporter : Paul Rujopakarn
- Rewriter : Paul Rujopakarn
- National News Bureau : http://thainews.prd.go.th
About the author
Thailand Business News covers the latest economic, market, investment, real-estate and financial news from Thailand and Asean. It also features topics such as tourism, stocks, banking, aviation, property, and more.
