Thai Manufacturing Production Falls Nearly 4% in October

The Office of Industrial Economics (OIE) said the Manufacturing production index (MPI) of October 2022 was 93.89, decreased 3.71% from the same period of the previous year. In the first ten months of 2022 (Jan-Oct) MPI averaged an expansion by 2.17%.

The Capacity Utilization Rate (CAP-U) of October 2022 was 59.91%, decreased from 63.44% in September 2022, which affected in the first ten months of 2022, for an average of 63.06%.

The key factor for the MPI of October decreased because of temporary technical issues of corporate due to maintenance in some of the refinery. Meanwhile, the decline in exports data is also one of the factors due to the global economic slowdown that impacts Thailand exports faster than forecast and also a shrink in production related to agriculture including chemical fertilizer, rubber product, processed fruit and vegetable, that impact from the flood disaster in many areas.

However, other industries focusing on the domestic market still have better performance such as vehicles, palm oil, and animal feed.