FX.co ★ Thailand Manufacturing PMI at 3-Month High

The S&P Global Thailand Manufacturing PMI climbed to 51.2 in May 2025 from 49.5 in April, indicating the first expansion in manufacturing conditions since February and representing the strongest upturn of the year. This improvement was fueled by a resurgence in new orders, bolstered by a revival in export demand for the first time in 20 months. As a result, manufacturers accelerated output growth to a nine-month high and ramped up staffing levels at the swiftest rate since November. Despite handling higher workloads, backlog levels declined as firms enhanced their capacity. Purchasing activity slowed due to adequate inventory levels, although both pre-production and finished goods inventories saw an increase. Input costs decreased for the fourth consecutive month, marking the steepest decline in eight months, as suppliers offered discounts, while output prices rose modestly for the second consecutive month. Business optimism remained high, albeit slightly reduced to a five-month low, as companies anticipated increased demand driven by marketing efforts and new product launches.