FX.co ★ Thailand Manufacturing Sector Continues to Expand

In November 2025, the S&P Global Thailand Manufacturing PMI rose slightly to 56.8, up from 56.6 in October, marking its seventh consecutive month of growth and achieving its quickest expansion since May 2023. This growth was fueled by a record surge in incoming new orders, which significantly boosted production levels, despite experiencing another decline in new export orders due to challenging international conditions. In response to these heightened new order levels, manufacturers increased both their workforce and purchasing activities. However, the accumulation of backlogged work reached its second-highest level on record, just behind the previous month of October. Business confidence reached its highest point in over two-and-a-half years, driven by optimism that expansion plans and improvements in economic conditions will enhance sales prospects in the coming year. On the pricing side, average input costs rose for the first time since June, while output prices remained stable.