BANGKOK, May 31 - OIE reveals that the Manufacturing Production Index (MPI) in April shrank by 8.14 percent from the same period last year. from the impact of the global economic contraction Cost of Production – Increase Finance pressure on the export sector and the ability to compete in the Thai industry has decreased along with revising the MPI and GDP estimates of the industrial sector This year grew at 0.0 - 1.0 percent.

Ms. Worawan Chitarun, Director of the Office of Industrial Economics (OIE), revealed that the Manufacturing Production Index (MPI) in April 2023 was at 83.51, a contraction of 8.14 percent compared to the same period last year. and contracted 20.79 percent compared to the previous month. The capacity utilization rate was 53.82 percent and in the first 4 months of 2023, the average was 61.31 percent, resulting in the MPI index for the first 4 months of 2023 at 96.87, shrinking 4.69 percent compared to the same period of last year This was mainly due to the slowdown in the global economy and the increase in production costs. As a result, exports of Thai industrial products decreased. But began to show signs of a slowdown from lower domestic demand compared to the same period last year, such as the automotive industry. especially in 1-ton pickup trucks. However, domestic consumption continued to expand as the domestic economy continued to improve.

Due to the contraction of the global economy and the problems in the US financial sector. Causing trading partners to postpone orders for goods in many industries. Including higher production costs from electricity costs and finance costs from higher loan interest rates. began to affect the competitiveness of the Thai industrial sector to decrease And has less effect on the export of industrial products. There are positive factors from consumption and tourism, as well as increased investment. But must keep an eye on the global economic slowdown, the financial sector problems in the United States. Climate change affecting agricultural productivity interest rates tend to increase High level of household debt and the spread of COVID-19 with increasing infections

OIE therefore has revised the industrial economic forecast for 2023, expecting the MPI for the year 2023 to grow at 0.0 - 1.0 percent and the industrial GDP in 2023 to grow at 0.0 - 1.0 percent from the previous estimate. The MPI index is expected will expand at 1.5 - 2.5 percent and the GDP of the industrial sector will grow at 1.5 - 2.5 percent,” said Ms. Worawan.

The main industries that contributed to the MPI in April 2023 compared to the same period last year were sugar, which grew by 19.15 percent from the same period last year due to increased demand for both domestic and foreign consumption. according to economic growth While products obtained from petroleum refining It grew by 1.87 percent from the same period last year mainly from gasohol 95 and jet fuel, in line with increased travel volume and malt and malt spirits. An increase of 17.58 percent from the same period last year due to greater consumption demand during the Songkran festival. Including more foreign tourists traveling to the country. Palm oil grew 7.92 percent from the same period last year.

The products made of paper and cardboard. increased by 11.14% from the same period last year mainly from printing and writing paper products, because this year, full onsite classes could be opened, resulting in more use of printing and writing paper. coupled with the merit of using paper in election activities.-Thai News Agency

Source: Thai News Agency