The manufacturing sector in Thailand continued to expand in November, albeit at a slower pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 51.1.
That's down from 51.6 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing production grew again in November as firms worked through pre-existing workloads. In stark contrast, new orders shrank amid high inflation and deteriorating economic conditions which weighed on demand for Thai manufactured goods.
Foreign orders likewise softened and at the fastest rate in eight months, affected by high global inflation and the tightening of monetary policies around the world. The combination of growth in production and decline in new business meant the level of work outstanding held by Thai manufacturers fell in November and at the fastest rate in the survey history.
